Trump’s 50% Tariff On Copper, 200% Pharma Warning

US President Donald Trump has announced new 50 per cent tariffs on copper, after having implemented similar duties on steel and aluminium imports. He also warned that the duties on pharmaceuticals imported by the United States could increase by as much as 200 per cent after a year. The US President clarified that he would not extend an August 1 deadline for higher US tariffs to take effect on dozens of economies across the globe. 

The move is significant for New Delhi, as the US is India's largest overseas market for pharmaceuticals and a major exporter of copper and copper products. 

What Trump Said
"Today we're doing copper. I believe the tariff on copper, we're going to make it 50 per cent," Trump told a cabinet meeting Tuesday. 

The copper levy would broaden a slate of sector-specific actions the Republican has imposed since returning to the White House and sent prices for the metal soaring.

Commerce Secretary Howard Lutnick told CNBC shortly afterwards that the rate would likely be implemented at the end of July or on August 1.

Trump also said Washington would soon make an announcement on pharmaceuticals, but officials would allow manufacturers time to relocate their operations into the country.

"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. They're going to be tariffed at a very, very high rate, like 200 per cent," he said.

In recent months, Trump has ordered probes into imports of copper, pharmaceuticals, lumber, semiconductors and critical minerals that could lead to further levies.

Lutnick told CNBC that the studies on pharmaceuticals and semiconductors would be completed by the end of the month, with Trump to set policies thereafter.

Trump also reiterated his threat of imposing a 10 per cent tariff on BRICS, saying the bloc was "not a serious grouping". However, he acknowledged that it is challenging the US dollar. "It's alright if you want to challenge the dollar. But they will have to pay the tariffs. I don't think they want that," he said.