U.S. President Donald Trump speaks at a cabinet meeting held in the White House Cabinet Room in Washington, DC on July 8, 2025.
Andrew Caballero-Reynolds | AFP | Getty Images
President Donald Trump said he would impose a 50% tariff on copper imports on Tuesday and suggested a steeper department-specific responsibility would be adopted.
“Today, we are making copper,” Trump said at a cabinet meeting at the White House. “I believe in the tariffs on copper, we will list it 50%. He did not specifically say when it will take effect.
Trump also said he will soon announce tariffs on drug imports “at a very high rate (e.g. 200%).
Trump added that pharmaceutical companies could have up to a year and a half before these new tariffs began to start producing their products in the U.S. before they take effect.
copper Prices jumped to record highs after Trump’s sudden announcement, with futures contracts soaring 10.5% to $5.8955 per pound.
Copper Mining Co., Ltd. Freeport McMoranMeanwhile, investors expect domestic producers to benefit from the tariffs while increasing by 5%.
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– Spencer Kimball of CNBC contributed to the report.
