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Donald Trump said the USA will impose large tariffs on copper and pharmaceuticals if the president increases his global trade war.
Trump said reporters before a cabinet meeting on Tuesday: “Today we’re doing it copperHe added that he believed that the tariffs on the industrial metal would be 50 percent. Trump also said that after a transition period of 18 months, taxes of up to 200 percent could impose drug imports.
Trump’s latest volleye from new Tariff Comes only one day after he has sent letters to 14 trading partners, including Japan and South Korea, and said the United States will make it steep tax from August 1st.
He said on Tuesday that other countries would receive similar letters in the coming days, while it warns that there would be no extensions for August 1st to go on to commit trade agreements. The president had pushed back on Monday the deadline of the last July 9th to force extensive tariffs of the liberation day, which were initially presented in early April, citing ongoing trade negotiations.
The fresh round of the tariffs brings back trade to Trump’s agenda after the last few weeks have been dominated by its strong and successful, successful lobbying to drive his flagship “Big, Beautiful” against Iranian nuclear facilities.
Howard Lutnick, Trump’s trading secretary, said in an interview with CNBC that he expected the copper zölle to be set up at the end of this month or early August.
The risk of tariffs on copper, which is intensively used in electronics, construction and industrial plants, sent us Prices for the Mineralsteig: Futures acted by 11 percent to $ 5.58 per pound per pound on Tuesday afternoon. The shares of the Copper Miner Freeport-McMoran, based in Arizona, rose by 3 percent.
JPMorgan analysts found that “the market would be surprised by the proposed number” and added that Wall Street Bank was set with a tariff rate with a tariff tariff rate with a tariff set of 25 percent.
Chile is by far the largest provider of refined copper in the USA, followed by Canada and Mexico, according to the US Geological Survey.
Pierre Gratton, President of the Mining Association of Canada, said that the energy infrastructure worth billions of dollars such as copper pipes was delivered to the USA as part of an integrated North American industry.
He added that the United States did not have enough copper refinement capacity or Schmelz and had rely on Canadian imports of the metal, and added that such high tariff rates would violate the production.
Trump has also indicated the results of an investigation of pharmaceuticals, which also include drug products for finished generics and brands and critical inputs such as active ingredients.
“We will give people for about a year and half a year to come, and then they will be brought into the country with a very high price if they have to bring the pharmaceuticals into the country,” said Trump.
The President said that he would “very soon” an announcement for the tariffs. The S&P 500 Pharmaceutical Index fell from the highs of the day after the announcement of Trump, but still closed by 0.7 percent higher.
At least one year before the tariffs occurred, Washington losing lobbyists to show no significant threat to pharmaceutical companies at short notice. “Classic Trump hyperbole,” said a lobbyist.
The United States has already announced steep tariffs for cars and steel due to national security probes, but have pending examinations of pharmaceuticals, copper, wood, aerospace, chips and consumer electronics.
The series of probes in critical sectors, which are known as studies of § 232, increased uncertainty among the US trade partners because they are trying to negotiate business to protect themselves from Trump’s tariffs.
So far, only Great Britain has secured any form of facilitating the sectoral tariffs. As part of his latest agreement with the USA, a reduced tariff of 10 percent was granted for a quota of 100,000 cars instead of confronting the tariff used for most countries.
The United States also negotiates with Great Britain about a quota for steel imports with a lower tariff and have undertaken to negotiate from the pharmaceutical tariffs.
Additional reporting from Ilya Gridneff in Toronto
