Trump says he will impose 50% tariff on copper imports
US President Donald Trump speaks at a cabinet meeting in the White House’s cabinet room on 8 July 2025 in the Washington DC.
Andrew Caballero-Reynolds | AFP | Getty Images
President Donald Trump said he would apply 50% tariffs to copper imports on Tuesday and suggested that more upright tasks are on the road.
“We’re making copper today,” Trump said during a cabinet meeting at the White House. He continued: “I believe in the tariff on copper, we will make 50%.” In particular, he did not say when this tariff would come into force.
Trump also said he would announce tariffs in pharmaceutical imports at a very high rate of 200%”.
Trump added that pharmaceutical companies could be up to one and a half years to start producing their products in the USA before these new tariffs entered into force.
Copper After Trump’s sudden announcement, prices rose to a record level and the September futures contract increased by 10.5% per pound to $ 5,8955.
Copper Mine Shares Freeport-McmoranMeanwhile, investors increased by 5% while waiting for domestic manufacturers to benefit from the tariff.
It is the third most consumed metal behind copper, iron and aluminum. The US imports almost half of the copper it uses, most of them come from Chile, US geological research.
Trump in late February I ordered a probe Potential new tariffs in copper imports for national security reasons.
Trade Secretary Howard Lutnick said CNBC’s “Power Lunch” was finished on Tuesday later.
“The idea is to bring copper home, to bring copper production home.” He said. He said Trump’s movement will bring copper tariffs in accordance with the US duties on imports. Steel and aluminumTrump doubled to 50% in the early June.
Lutnick said he expects Trump to sign a statement that will fulfill his copper tariff until the end of July.
New trade announcements on copper and drugs are separate from the “mutual” tariffs set by Trump in early April, and almost a 10% task for imports from almost all other countries, and they are much higher on the dozens of individual individuals.
Trump has repeatedly delayed the entry into force of higher mutual tariffs. On Monday, however, he sent a letter from 14 countries, including Japan, South Korea and Thailand, determining new tariff rates on imports.
Individualized blanket tariff rates ranging from 25% to 40% will enter into force on 1 August.
– Spencer Kimball from CNBC contributed to this report.
