Trump imposes 50% tariffs on copper, says pharma tariffs could reach 200%

Trump said he is planning to impose tariffs on imported semiconductors and pharmaceuticals, with medicine tariffs potentially reaching 200 per cent. However, he said drugmakers would be given about a year “to get their act together”.

“We’re going to give people about a year, a year and a half to come in and, after that, they’re going to be tariffed,” Trump told reporters during a Cabinet meeting at the White House.

Reiterating his threat of a 10 per cent tariff on BRICS, Trump said the bloc was “not a serious grouping” but acknowledged that it is challenging the US dollar. “It’s alright if you want to challenge the dollar. But they will have to pay the tariffs. I don’t think they want that,” he said.

“If they have to bring the pharmaceuticals into the country… they’re going to be tariffed at a very, very high rate, like 200 per cent. We’ll give them a certain period of time to get their act together,” he said.

“We’re going to be announcing pharmaceuticals, chips, and a couple of other things — you know, big ones,” Trump added, while unveiling the new tariff on copper.

Trade data showed that the US is India’s third-largest copper export market, after Saudi Arabia (26 per cent) and China (18 per cent). However, given copper’s status as a critical mineral and its extensive use across infrastructure, energy and manufacturing, India’s domestic industry is likely to absorb any decline in US demand resulting from the proposed tariffs.

A 200 per cent tariff on pharmaceutical exports could severely impact demand, especially as India’s generics industry plays a key role in supplying affordable medicines to the US healthcare system.

Reiterating his threat of a 10 per cent tariff on BRICS, Trump said the bloc was “not a serious grouping” but acknowledged that it is challenging the US dollar. “It’s alright if you want to challenge the dollar. But they will have to pay the tariffs. I don’t think they want that,” he said.