Trump Plans to Impose 50% Tariff on Imported Copper, Pharmaceutical Tariffs May Reach 200%

According to a report by Jinse Finance, U.S. President Trump told reporters during a cabinet meeting on Tuesday that more trade agreements are forthcoming, particularly in the form of letters in which the U.S. unilaterally sets tariff rates. "These agreements are basically me making demands of them," Trump said. "The numbers we choose are both low and fair." Trump added that the U.S. will impose a new 50% tariff on imported copper. "Today, we're targeting copper. I think we'll set the copper tariff at 50%." In response, New York copper futures surged, with intraday gains expanding to as much as 17%. In addition, Trump stated that the U.S. will soon impose tariffs of up to 200% on pharmaceuticals, but companies will have a year and a half to adjust their supply chains before the tariffs take effect. Trump also said he would soon announce tariffs on semiconductors, though he did not specify the tariff rate or the implementation date.