The United States plans to add new tariffs of 50% on copper and 200% on pharmaceuticals, U.S. President Donald Trump has said.
Trump said during a cabinet meeting that the U.S. would introduce a tariff on copper, with Commerce Secretary Howard Lutnick adding that this would enter into effect by August. Pharmaceuticals will also be “tariffed at a very, very high rate” of roughly 200%, Trump said.
“Today, we’re doing copper,” Trump said. “I believe the tariff on copper, we’re going to make it 50%.”
“The idea is to bring copper home, bring copper production home,” Lutnick told CNBC. “Bring the ability to make copper, which is key to the industrial sector, back home to America. We need that kind of production in America, it’s important.”
Copper futures rose to a record US$5.8955 per pound after these copper tariffs were announced.
The Trump administration began investigating U.S. copper imports in February, and said in March that it planned to add tariffs on the metal. Citi had previously projected that the U.S. would implement a tariff of 25% on copper by the fourth quarter of 2025.
Tariffs on pharmaceuticals will be imposed after giving manufacturers 12 to 18 months’ notice, according to Trump.
Australian Treasurer Jim Chalmers called the prospect of pharmaceutical tariffs “very concerning”, though he said Australia’s government would not sacrifice the pharmaceutical benefits scheme. “Our pharmaceuticals industry is much more exposed to the U.S. market, and that’s why we’re seeking, urgently seeking, some more detail on what’s been announced.”
Other tariffs, including a semiconductor tax, will be announced in the coming days, Trump said.
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