President Trump said he plans to impose a 50% tariff Tuesday on copper that is brought into the U.S. and, eventually, slap high levies on pharmaceutical imports after a grace period that lets drugmakers onshore operations.
Mr. Trump outlined the forthcoming tariff at a Cabinet meeting as he dispatched highly anticipated letters assigning nation-by-nation tariff rates.
Those tariffs will kick in by August, but the copper tariff is in a different bucket of sector-specific tariffs.
The decision to tax copper imports at 50% follows Mr. Trump’s decision to impose a 25% tariff on cars and car parts brought into the country, plus 50% levies on steel and aluminum.
Further, Mr. Trump said he would make an announcement “very soon” on imported pharmaceuticals. He suggested drugmakers would get a year or so to bring their operations into the U.S. or face a tariff.
“They’re gonna be tariffed at a very, very high rate, like 200%. We’ll give them a certain period of time to get their act together,” Mr. Trump said.
His tariff policy is taking shape after months of shifting numbers and deadlines.
The president, writing on Truth Social, said Tuesday that products from any nation that receives a tariff-assignment letter this week will be taxed by U.S. customs on Aug. 1 — no exceptions.
“There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 — No extensions will be granted,” he wrote.
Tariffs are a tax or duty paid by importers on goods they bring in from foreign markets.
Mr. Trump says tariffs are a great way to force companies to return to America or keep their operations in the U.S., employ American workers and create revenue to fund domestic programs.
Foreign countries don’t pay the tariffs directly to the U.S. Treasury. In many cases, U.S. companies will pay the levies, and they might pass on at least some of the cost to consumers through higher prices.
