US President Donald Trump on Tuesday announced plans to impose a 50% tariff on copper imports, while warning of a much steeper duty on pharmaceuticals that would come into effect after a grace period of at least a year.
“Today we're doing copper,” Trump said during a cabinet meeting, signalling movement in an ongoing investigation into the country’s copper imports.
He added that Washington would soon issue a separate announcement on the pharmaceutical sector, expanding the list of industry-specific tariffs introduced by his administration since January.
However, the president noted that pharmaceutical companies would be given time to shift their operations to the United States before the new tariffs are enforced.
“We're going to give people about a year, a year and a half to come in, and after that, they're going to be tariffed,” Trump said.
“They're going to be tariffed at a very, very high rate, like 200 percent,” he added. “We'll give them a certain period of time to get their act together.”
Earlier this year, Trump had already introduced a sweeping 10% tariff on nearly all US trading partners and threatened to impose higher rates tailored to individual economies. His administration has also imposed tariffs on steel, aluminium and automobiles.
In addition to copper and pharmaceuticals, Trump has ordered investigations into imports of lumber, semiconductors and critical minerals, which could potentially lead to more duties.
Earlier on Tuesday, the US President took to Truth Social, announcing that the new tariff rates on various countries will be applicable from August 1, 2025. He said, "There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted. Thank you for your attention to this matter!"
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Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
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