Trump: Copper tariffs will be raised to 50%

US President Trump said on the 8th that a new 50% tariff will be imposed on all copper imported into the United States, but did not disclose the specific time when the new tariff will take effect.

Trump said at a cabinet meeting at the White House that day: “I think we will raise the copper tariff to 50%.”

According to the US Consumer News and Business Channel, after the cabinet meeting, US Commerce Secretary Lutnick said that the Commerce Department has completed the investigation of copper imports and he expects the new tariffs “may be implemented at the end of July or August 1.”

Trump also said that the US government is planning to impose new tariffs on pharmaceuticals, semiconductors and other specific industries, and gave an example that new tariffs of up to 200% may be imposed on foreign-made drugs. But he said that this new tariff may not take effect in the short term, and the purpose is to give pharmaceutical companies some time to move to the United States.