US President Donald Trump has once again started dropping tariff bombs. After a 90-day lull, he is once again making tariff announcements one after the other that have the global market scared. After imposing similar tariffs on steel and aluminum imports into the US, President Trump has announced a new 50% tariff on copper. He also warned that a 200% tariff will be imposed on pharmaceutical imports into the US after a year. The US President even made it clear that he will not extend the August 1 deadline for implementing the high US tariffs announced a day earlier on dozens of economies around the world. US President Donald Trump said that he plans to announce tariffs on imported semiconductors and pharmaceuticals as well as copper. He said that the tariffs on drugs could increase by up to 200%. Trump said he would announce a 50% tariff on copper, aimed at boosting US production of the metal, which is essential for electric vehicles, military hardware, power grids and many consumer goods. โIf they have to bring drugs into the country, they will be charged a very high tariff, like 200%. We will give them a certain amount of time to get their act together. They will be given a year and a half,โ Trump told reporters after a cabinet meeting at the White House. Trump also said Washington would soon announce tariffs on pharmaceuticals but would also give manufacturers time to shift their operations to the US. Trump talked about plans to announce tariffs on copper, but did not say when the tariffs would be implemented. โI think the tariff on copper will be 50%,โ he said. US Commerce Secretary Howard Lutnick said in an interview on Tuesday that the tariffs on copper will take effect by the end of July or August 1. Copper is used in construction, transportation, electronics and many other industries. The US imports half of its copper needs every year. US President Donald Trump said on Tuesday that he would announce semiconductor tariffs and a separate announcement on pharmaceuticals very soon. At the same time, Trump also warned of imposing a 10% tariff on BRICS countries. He said, โI will make a decision on this very soon.โ
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