Reference News Network, July 9 report. According to the website of Singapore's Straits Times, on July 9, US President Trump said that he will impose a 50% tariff on imported copper products, and then impose tariffs on imported semiconductors and medicines, and again threatened to impose a 10% tariff on products from the BRICS countries.
According to Reuters, on July 8, Trump held a cabinet meeting at the White House with media access. He said that he would impose a 50% tariff on imported copper products, and said he hoped to increase the production of American metals that are crucial for electric vehicles, military hardware, power grids, and many consumer goods.
After Trump's speech, the price of New York copper futures surged by 17% at one point, marking the largest intraday gain since at least 1988.
Trump also said that the tariff on imported medicines could be as high as 200%, but he would give pharmaceutical companies at least one year to adjust. "We will give these companies one to one and a half years to move their pharmaceutical plants to the United States, after which we will impose tariffs on imported medicines," he said.
Trump also plans to tax imported semiconductors. "We will announce tariffs on medicines, chips, and other commodities," he said.
Trump did not reveal the timing of the announcement of tariffs on medicines and semiconductors.
Additionally, Trump said he "may" inform the European Union about the expected tariff rates on its exports to the United States within two days. The day before, Trump had sent a letter warning 14 countries, including Japan and South Korea, about tariffs, pressuring them to reach trade agreements with the US quickly, or else they would face at least a 25% high tariff starting August 1.
The Trump administration launched an investigation into the pharmaceutical industry in April, citing over-reliance on foreign drug production as a national security threat. Trump argued that the US needs to increase drug production so it does not have to rely on other countries' drugs.
According to the American Consumer News and Business Channel, after the White House cabinet meeting, US Commerce Secretary Rutenberg revealed that the Department of Commerce had completed the investigation into the status of copper imports, and he expects the new tariffs on imported copper "may be implemented by the end of July or August 1."
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