Trump says US to impose 50% Tariff on Copper Imports, Hints at 200% Levy on Pharmaceuticals
According to multiple media reports, President Donald Trump announced on Tuesday that the United States will impose a 50% tariff on all copper imports, marking a significant expansion of his administration’s trade policy. The exact date for the tariff's implementation remains unclear.
As reported by CNN, “Today we’re doing copper,” he said at a Cabinet meeting, adding that he believed the rate will be 50%. This would mark the fourth blanket tariff imposed during his second term, following previous levies on imported automobiles, steel, and aluminum.
The move follows a Section 232 investigation initiated by Trump in February, a process that allows the president to impose tariffs on the basis of national security. According to data from the U.S. Commerce Department, the United States imported approximately $17 billion worth of copper in 2024, with Chile accounting for $6 billion of that total, making it the largest supplier.
Industry experts warn that the tariff could ripple through several sectors, as copper is an essential raw material used in electronics, machinery, and vehicles. And this red metal’s prices reacted immediately. According to Reuters, U.S. Comex copper futures jumped more than 12% to a record high after Trump announced the planned tariffs, which came earlier than the industry had expected, and the rate was steeper. Citi had previously forecast a 25% copper-specific tariff to be introduced by the fourth quarter. In New York, the most-traded copper futures soared to a record $5.9535/lb, following Trump’s announcement, for an intraday gain of nearly 17%. By 2 p.m., the contracts had settled to around $5.5495/lb.
In addition to copper, Trump stated that a 200% tariff on pharmaceutical imports is “coming very soon,” though no specific date was provided. He said the measure is intended to incentivize domestic pharmaceutical production and reduce dependency on overseas suppliers.
The White House previously launched an investigation into pharmaceutical imports in April, laying the legal groundwork for national security-based tariffs. Although drug imports were exempted during Trump’s first term, he has repeatedly vowed to bring more medical supply chains back onshore.
