U.S. President Donald Trump said on Tuesday he is imposing a 50% tariff on all copper imports, marking the latest in a series of sweeping trade measures during his second term.
The timeline for implementation is not yet clear.
“Today we’re doing copper,” Trump said during a Cabinet meeting, adding he expects the rate to be 50%.
This follows earlier across-the-board tariffs on cars (25%), steel, and aluminium (both 50%), under Section 232 national security grounds. The U.S. imported $17 billion in copper last year, with Chile as the largest supplier.
Copper futures surged 15% in New York following the announcement, reaching a record $5.68 per pound. Analysts warned the new tariff will likely raise costs for American manufacturers and consumers.
Separately, Trump said 200% tariffs on pharmaceutical imports are also on the way, though they may be delayed to give companies time to shift production to the U.S. The administration launched an investigation into drug imports in April.
Trump argues the U.S. must reduce reliance on foreign medicine suppliers, a policy shift from his first term when pharmaceuticals were exempt from tariffs.
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