Trump says US to impose 50% copper tariff, pharma levy may hit ‘very high’ 200%
President Donald Trump has announced that the U.S. will soon impose a 50% tariff on all imported copper, though the exact start date is still unclear.
“Today we’re doing copper,” Trump said during a Cabinet meeting on Tuesday, signaling the move without confirming the timeline. If implemented, this would be the fourth major tariff of his second term, following earlier hikes on cars, steel, and aluminum.
The White House has not provided further details on when the copper tariff will kick in.
Why Copper?
Copper is a key material used in everything from electronics to cars and heavy machinery. In 2024 alone, the U.S. imported $17 billion worth of copper, with Chile being the largest supplier, contributing $6 billion of that.
After Trump’s announcement, copper prices surged to an all-time high of $5.68 per pound, jumping 15% in just one day. So far this year, prices are up 38%—partly due to companies stockpiling ahead of potential tariffs.
Experts warn that this move could make everyday products more expensive for American consumers and businesses. Ole Hansen, Head of Commodity Strategy at Saxo Bank, called it a “massive tax on consumers,” and suggested the administration may roll out the tariff in phases to soften the blow.
Pharmaceuticals Could Face 200% Tariffs
In a surprise move, Trump also said that pharmaceutical imports could face a whopping 200% tariff “very soon.” However, this measure might be delayed to encourage drug companies to shift production to the U.S.
Though Trump spared pharmaceuticals from tariffs during his first term, he has been pushing for more domestic drug manufacturing, arguing that the U.S. should not depend on foreign nations for its medicine supply.
An official investigation into pharmaceutical imports began in April under national security grounds—a similar route Trump took before announcing the copper tariff.
Australian officials have expressed concern, with Treasurer Jim Chalmers saying the country is urgently seeking more information, as the U.S. is a major market for their pharma exports.
What’s Next?
Trump has also extended his “reciprocal” tariff pause until August 1, giving countries more time to negotiate. In the meantime, he’s been sending letters to world leaders with potential new tariff rates, signaling that more trade actions could be on the horizon.
In Short
50% tariff on copper imports is coming, no start date yet.
Copper prices hit record highs, sparking inflation concerns.
Trump warns of a 200% tariff on pharmaceuticals to boost U.S. production.
Australia’s government is alarmed by the pharma move.
Reciprocal tariffs paused until August 1—more negotiations ahead.
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