‘200 per cent': Fresh tariffs blow to Aus
Australia is among the top copper producers in the world, but the bulk of exports go to southeast Asia.
Last year Australia exported just $55m in copper to the US.
Pharmaceuticals is another matter, with Australia's exports to the US totalling north of $2bn in 2024.
The US President announced the new levies at a cabinet meeting overnight.
'I believe the tariff on copper - we're going to make it 50 per cent,' Mr Trump told reporters, with officials later adding it would come into effect by August.
The timeline for the new rate on pharmaceuticals could be later, Mr Trump said.
'We're going to give (drugmakers) about a year, a year and a half to come in, and after that, they're going to be tariffed,' he said.
'They're going to be tariffed at a very, very high rate, like 200 per cent.
'We'll give them a certain period of time to get their act together.'
More to come.
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