President Trump on Tuesday announced a 50% tariff on copper imports, matching existing levies on steel and aluminum, and warned that pharmaceuticals could soon face 200% duties — marking another sharp escalation in his aggressive trade agenda.
“Today we’re doing copper,” Trump declared during a Cabinet meeting, turning to Commerce Secretary Howard Lutnick, who confirmed the move.
Copper prices on the COMEX exchange jumped over 10% following the announcement before pulling back slightly later in the day. Trump didn’t specify when the copper tariffs would go into effect, but under Section 232 authority, the president can impose them immediately following a Commerce Department investigation, which began in February.
Pharma and Chips: Next Targets
Trump also teased a coming wave of tariffs on pharmaceuticals and semiconductors, saying that drug companies would have a year to 18 months to adjust before being hit with “a very, very high rate, like 200%.”
“We’ll give them a certain period of time to get their act together,” he added, without providing a firm date.
The move represents Trump’s latest salvo in what has become a volatile trade policy week:
- On Monday, the president issued tariff letters to 14 countries, including Japan and South Korea.
- He reaffirmed Tuesday that the August 1 tariff deadline on pending trade deals “will not be extended.”
Rhetoric Heats Up
Speaking in the White House Cabinet Room, surrounded by key officials including Secretary of State Marco Rubio and Defense Secretary Pete Hegseth, Trump returned to a familiar message of economic nationalism.
“People that sat in this room allowed it to happen,” he said, referencing past trade deficits. “I don’t allow it to happen.”
He also took aim at Federal Reserve Chair Jerome Powell, suggesting Powell should resign — a remark that added to the market’s uncertainty heading into Wednesday’s release of Fed minutes.
Market Reaction
- Copper futures (HG=F) surged 10.55% before settling slightly lower.
- Aluminum (ALI=F) also edged up 0.47% as traders braced for possible knock-on effects.
- Broader markets remained flat, reflecting both uncertainty and a sense of tariff fatigue.
The return of Trump’s hardline trade rhetoric comes amid broader questions about his long-term tariff strategy. The copper tariff is expected to have a more immediate impact, while the pharma warning gives companies time — but also signals a much more aggressive second-term agenda on trade.
With Europe, Asia, and now drug makers in the crosshairs, the White House is poised for another summer of economic brinkmanship.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Related:
Dow, S&P 500, Nasdaq Drop as Trump Slaps 25–40% Tariffs on Trade Partners
Global Stocks Are Crushing US – But Which Ones?
Markets This Week: Tariff Chaos, Fed Clarity, Prime Day, and Earnings Heat Up
Elon Musk Launches ‘America Party’ After Breaking With Trump
