WASHINGTON/TOKYO – U.S. President Donald Trump announced sweeping new trade measures on Tuesday, including a 50% tariff on imported copper and impending levies on semiconductors and pharmaceuticals, dramatically escalating his global trade war just days after pressuring 14 key trading partners.
New Tariffs and Threats
Speaking at a White House cabinet meeting, Trump said the U.S. would soon impose 200% tariffs on drug imports—though those could be delayed by a year—and reiterated plans for 10% duties on goods from BRICS nations, including Brazil and India. He also signaled that a tariff letter to the European Union was imminent.
The moves sent U.S. copper futures soaring over 10%, reflecting fears of supply disruptions for a metal crucial to electric vehicles, defense systems, and infrastructure. Pharmaceutical stocks, meanwhile, slid on the tariff threat.
Global Pushback and Delayed Deadline
Trump’s latest salvo comes after he extended a Wednesday deadline to August 1 for countries to respond to his trade demands. So far, only the U.K. and Vietnam have reached agreements since his administration vowed “90 deals in 90 days” in April. Talks with India are reportedly progressing, Trump said.
“Countries are clamoring to negotiate,” Trump claimed, framing the tariffs as retaliation against nations that have “ripped us off… laughing at how stupid we were.”
Market Jitters and Economic Fallout
The announcement risks further destabilizing a global economy already rattled by Trump’s trade policies. The U.S. has already imposed tariffs on steel, aluminum, and autos, but the expansion into copper and tech components could disrupt supply chains in key industries.
Late Tuesday, Trump posted on Truth Social that at least seven tariff notices would be released Wednesday, with more to follow—offering no further details but signaling an aggressive escalation ahead.