Trump Tariff: Trump announces 200% tariffs on drugs and 50% on copper
Washington: On Tuesday, US President Donald Trump declared his intention to impose tariffs on imported copper, semiconductors, and medications. According to him, the tariff rate on medications might reach 200 percent.
The implementation date of the copper tariff has not yet been determined
He said that he would impose a 50% tax on copper in order to encourage the US to produce this metal, which is crucial for electric cars, military hardware, power grids, and other consumer items.
Trump said tariffs would be applied at a very high rate
Following a cabinet meeting at the White House, Trump informed reporters that they would be subject to a 200 percent tax if they had to import medications. They will have a certain amount of time to arrange their work. One and a half years will be allotted to them.
Trump mentioned his intention to impose copper tariffs, although he did not specify when they would be put into effect. “I anticipate a fifty percent tariff on copper,” he stated.
Tariffs on copper may be implemented by the end of July or the first of August
In an interview on Tuesday, US Commerce Secretary Howard Lutnick said that the copper tariffs are likely to be implemented by the end of July or early August.
Among many other sectors, copper is used in electronics, transportation, and construction. Every year, the United States imports around half of its copper requirements.
US copper tariffs will mostly impact these nations
According to US statistics, Chile, Canada, and Mexico—the main exporters of refined copper, copper alloys, and copper products to the US in 2024—will be the nations most impacted by US tariffs on copper.
The BRICS nations will be required to pay an extra 10% tariff
On Tuesday, US President Donald Trump said that he will shortly make a separate declaration about medicines and semiconductor tariffs. Trump also threatened to levy a 10% tax on the BRICS nations at the same time. I’ll make a decision on this shortly, he said.
Brazil, Russia, India, China, and South Africa are members of the BRICS alliance. “The BRICS countries will soon have to pay a duty of 10 percent,” Trump told reporters at the White House. The purpose of BRICS was to undermine America.