【By Observer Net, Wang Yi】After the market showed a lukewarm reaction to President Trump's tariff letters and executive orders, he made statements on both social media platforms and in a cabinet meeting on July 8 local time, saying that he would push forward more aggressive tariff policies in the coming days, no longer extend tariffs on specific countries, and will announce new high tariffs on key products such as copper and medicines.

"Tariffs will take effect on August 1, 2025. Up to now, this date has not changed, and it will not change," Trump emphasized on his self-created social media platform "Truth Social" (Truth Social), reiterating his determination to impose "reciprocal tariffs."

Later, during a White House cabinet meeting, Trump directly mentioned the copper and pharmaceutical industries, stating that he would impose a 50% tariff on copper imports. He did not specify when the tariff would take effect, but his Commerce Secretary Rutenberg told CNBC later that evening that he expected the copper tariff to be implemented as early as this month or early August.

On July 8 local time, Trump met with cabinet members at the White House. Video screenshot

In February this year, Trump had ordered Rutenberg to investigate copper imports on grounds of national security. On July 8, Rutenberg said the investigation had ended, "Our idea is to bring copper back, to bring copper production back."

According to Bloomberg News, upon the release of the news, U.S. copper futures prices surged, reaching the largest intraday increase since 1988 on the same day. CNBC reported that copper prices soared to a record high, closing up 13.12%. JPMorgan analysts said, "The market was surprised by the proposed numbers," as they initially expected copper tariff rates around 25%.

Copper, the third most consumed metal globally (after iron and aluminum), is widely used in electronics, construction, and industrial equipment. According to data from the U.S. Geological Survey, nearly half of the copper used in the United States relies on imports, mostly from Chile, Canada, and Mexico.

Pierre Gratton, president of the Canadian Mining Association, warned that the United States lacks sufficient copper refining capacity and smelters, relying on importing the metal from countries like Canada. Such a high tariff rate would "harm American manufacturing."

Trump's "firepower" also targeted the pharmaceutical industry. He stated that he would soon announce "very, very high rates, such as 200%" on imported medicines, but before that, pharmaceutical companies might have "about one to one and a half years to come in and start producing their products in the United States."

These remarks caused investor anxiety, with stock prices of U.S. pharmaceutical companies such as Eli Lilly, Merck, and Pfizer showing a narrowing increase. However, some industry insiders believe that tariffs will not pose a major threat to pharmaceutical companies in the short term, and a Washington lobbyist even described it as "typical Trump-style exaggeration."

Previously, the Trump administration had announced high tariffs on the automotive and steel industries. However, the "232 investigations" initiated by the Trump administration on the pharmaceutical, copper, timber, aerospace, chip, and consumer electronics industries under the pretext of national security have not yet concluded, and these industries are still facing the threat of tariffs.

The Financial Times analyzed that the investigations conducted by the United States on these key industries will increase uncertainty for its trade partners, who have been struggling to try to protect themselves through negotiations from the broad "reciprocal tariffs" of Trump.

In early April, Trump announced "reciprocal tariffs" on all U.S. trade partners, but in order to leave room for negotiations, he later temporarily reduced the tariff rates for most countries and regions to 10%, valid for 90 days until July 9. So far, apart from the UK and Vietnam, the United States has not reached an agreement with other major economies, and only reached a framework agreement with China.

On July 7, Trump signed an executive order to extend the effective date of "reciprocal tariffs" to August 1, while starting to send letters to trade partners who were not close to reaching an agreement, informing them of the tariff rates they would face. The tariff rate on Japanese and South Korean imports reached 25%.

Trump also warned that any country attempting to retaliate against U.S. tariffs would face double taxation. He said in a cabinet meeting on August 8, "We want to build relationships, but in every case, they treat us much worse than we treat them."

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