नवीनतम
Trump hits copper imports with 50% tariff
NEW DELHI [Maha Media]: U.S. President Donald Trump on Tuesday said he would impose a 50% tariff on imported copper and soon introduce long-threatened levies on semiconductors and pharmaceuticals, broadening his trade war that has rattled markets worldwide.
One day after he pressured 14 trading partners, including powerhouse U.S. suppliers like South Korea and Japan, with fresh tariff letters, Trump reiterated his threat of 10% tariffs on products from Brazil, India and other members of the BRICS group of countries.
He also said trade talks have been going well with the European Union and China, though he added he is only days away from sending a tariff letter to the EU.
Trump’s remarks, made during a White House cabinet meeting, could inject further instability into a global economy that has been shaken by the tariffs he has imposed or threatened on imports to the world’s largest consumer market.
U.S. copper futures jumped more than 10% after Trump’s announcement of new duties on a metal that is critical to electric vehicles, military hardware, the power grid and many consumer goods. They would join duties already in place for steel, aluminum and automobile imports, though it was unclear when the new tariffs might take effect.
U.S. pharmaceutical stocks also slid following Trump’s threat of 200% tariffs on drug imports, which he said could be delayed by about a year.
Other countries, meanwhile, said they would try to soften the impact of Trump’s threatened duties after he pushed back a Wednesday deadline to August 1.
Trump’s administration promised “90 deals in 90 days” after he unveiled an array of country-specific duties in early April. So far only two agreements have been reached, with the United Kingdom and Vietnam. Trump has said a deal with India is close.
Trump said countries have been clamoring to negotiate.
“It’s about time the United States of America started collecting money from countries that were ripping us off … and laughing behind our back at how stupid we were,” he said.
He said late Tuesday that “a minimum of seven” tariff notices would be released on Wednesday morning, and more in the afternoon. He gave no other details in his Truth Social post.
Trading partners across the globe say it has been difficult to negotiate even framework agreements with the U.S. given the haphazard way new tariffs are announced, complicating their internal discussions about concessions.
