Trump warns of 50% tariffs on copper imports - Similar measures expected for semiconductors, pharmaceuticals
President Donald Trump announced a 50% tariff on copper imports, escalating the global trade war. He also warned of similar measures on semiconductors and pharmaceuticals.
US President Donald Trump announced he would impose a 50% tariff on imported copper and warned of measures on semiconductors and pharmaceuticals, widening a trade war that has rattled markets around the world.
A day after pressuring 14 trading partners, including key US suppliers such as South Korea and Japan, Trump repeated his threat of 10% tariffs on products from Brazil, India and other members of the BRICS group of countries.
The American leader highlighted that trade talks have gone well with the European Union and China, although he did not rule out the possibility of a tariff letter towards the bloc.
Trump's comments risk adding to the instability of the global economy, which has been shaken by the trade war instigated by the US administration.
U.S. copper futures rose more than 10% after Trump announced tariffs on a metal that is critical to electric vehicles, military equipment, the power grid and many consumer goods. They would join duties already in place on imports of steel, aluminum and automobiles, although it is not yet clear when the new measures might take effect.
U.S. pharmaceutical stocks also fell after Trump threatened 200% tariffs on drug imports, which could be delayed by about a year. Meanwhile, other countries said they would try to mitigate the impact of the threatened duties and reach deals with the United States.
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