Hindustan Copper, Vedanta in focus after Trump announces 50% tariffs on copper imports
Hindustan Copper
and
Vedanta
are likely to be in focus on Wednesday after US President Donald Trump announced a 50% tariff on copper imports, expanding his administration's aggressive trade measures already in place on steel and aluminium.
'Today we're doing copper. I believe the tariff on copper—we're going to make it 50%,' Trump said during a cabinet meeting on Tuesday.
The announcement sent global copper prices soaring by over 10%, although they later eased slightly, according to a Yahoo Finance report. The proposed tariff is expected to be implemented by the end of July or on August 1, according to US Commerce Secretary Howard Lutnick, who confirmed the development shortly after the President's remarks.
The move concludes an investigation by the US Commerce Department that began in February under Section 232 of the Trade Expansion Act. With this, copper joins steel and aluminium in attracting 50% tariffs under Trump's broader push for what he calls 'reciprocal' trade policies.
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Trump also hinted at further tariffs, including a potential 200% levy on pharmaceutical imports after a grace period of 12 to 18 months, giving companies time to realign their supply chains. He said additional announcements related to pharmaceutical drugs and computer chips would be made soon.
The President also warned that Europe could face fresh tariffs this week, saying the region would be 'dictated' by new trade rules. During the cabinet meeting, Trump criticised previous administrations for weak trade policies and called on Federal Reserve Chairman Jerome Powell to resign, according to a Yahoo Finance report.
Earlier this week, Trump also threatened to impose 25% tariffs on imports from South Korea and Japan, reiterating that the August 1 deadline for new tariffs would not be extended. The series of announcements marks a renewed push for Trump's longstanding trade strategy aimed at 'protecting America.'
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