Trump says he will impose 50% tariff on copper imports

President Donald Trump said he will impose a 50% tariff on copper imports on Tuesday, and suggested more steep sector-specific duties are on the way.

“Today, we’re doing copper,” Trump said during a Cabinet meeting at the White House. “I believe the tariff on copper, we’re going to make it 50%.” He did not say specifically when that tariff would take effect.

Trump also said he would soon announce tariffs “at a very, very high rate, like 200%,” on pharmaceutical imports.

Pharmaceutical companies could have up to a year and a half to start producing their products in the U.S. before those new tariffs take effect, Trump added.

Copper prices jumped to a record high after Trump’s abrupt announcement and ended the trading day up 13.12% for the best one-day gain since 1989.

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