Trump announces 200% tariff on pharmaceuticals, 50% tariff on copper in major trade shift
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U.S. President Donald Trump said the U.S. will put tariffs on pharmaceutical imports and on copper. He announced this during a cabinet meeting at the White House. The tariff on pharmaceuticals could go up to 200%. He said the final duty will be 'a very, very high rate, like 200%.'He didn't give an exact date for when the pharmaceutical tariff will start. There is no official start time yet. Trump said there will be a grace period before the tariffs begin. He mentioned a time frame of 'about a year, a year and a half', as per reports.During this grace period, companies can make changes or shift supply chains. He said this gives time for them to 'get their act together.' If companies don't act in time, the 200% tariff will be applied. Trump warned the high tariff would hit after the grace period ends, as stated by Yahoo Finance.This is part of his plan for 'reciprocal' tariffs. He wants to match or exceed the tariffs that other countries place on U.S. goods.President Donald Trump also said a 50% tariff on copper is coming soon. He confirmed this during a cabinet meeting. Commerce Secretary Howard Lutnick also confirmed the 50% copper tariff . He spoke right after Trump in the meeting.As per the PTI report, this matches the current 50% tariffs already placed on steel and aluminum. So now, copper will also have the same high duty. Copper prices jumped over 10% after the news. But prices dropped a little later in the afternoon, as mentioned in the report by Yahoo Finance.Trump didn't say exactly when the copper tariff will start. But he has the power to make it happen as soon as his investigation ends. This copper move ends an investigation by the Commerce Department.The investigation began in February under Section 232. Trump also threatened a huge 200% tariff on pharmaceutical imports. He said this could happen after a 'grace period' of 1 to 1.5 years, as per the Yahoo Finance report.He said this gives companies time to 'get their act together.' Meaning, companies have time to shift or fix their supply chains. Trump mentioned upcoming announcements on pharmaceutical drugs and computer chips. These will be part of a bigger plan for 'reciprocal' tariffs.He warned that Europe will also face tariffs soon. He said Europe will be 'dictated' by new tariff rules this week. Trump criticized past trade policies in front of his cabinet. He said past leaders 'allowed it to happen' but he won't. He also attacked Federal Reserve Chairman Jerome Powell. Trump said Powell should resign, according to the Yahoo Finance report.Earlier in the same week, Trump threatened 25% tariffs on South Korea and Japan. He said a new tariff deadline of August 1 will not be extended. This week shows Trump returning to his tough trade talk style. It's part of his long-time push to 'protect America' through strong trade actions, as per the reports.President Trump announced a 200% tariff on pharmaceutical imports after a 1 to 1.5 year grace period.Trump confirmed a 50% tariff on copper imports, matching duties on steel and aluminum.
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