President Donald Trump confirmed Tuesday that his administration will impose a 50% tariff on copper, signaling the conclusion of an ongoing investigation into the metal’s import duties. The announcement came during a cabinet meeting where he also floated the possibility of imposing a staggering 200% tariff on pharmaceuticals in the near future.
“Today we’re doing copper,” Trump declared, turning to Commerce Secretary Howard Lutnick for confirmation. Lutnick verified that the tariff rate would indeed be 50%. This move aligns copper with the existing tariffs on steel and aluminum, which also carry a 50% rate.
The announcement sent copper prices soaring over 10% before they slightly retreated later in the day. Trump did not specify when the copper tariff would take effect but indicated it could be implemented immediately once the administration finalizes its investigation.
Trump also hinted at additional trade actions in the coming weeks, specifically targeting pharmaceuticals and semiconductors. He suggested the pharmaceutical tariffs would include a “grace period” of about 12 to 18 months before they are enforced.
“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 said. He warned that the eventual duty could be as high as 200%. “We’ll give them a certain period of time to get their act together,” he added.
The copper decision comes as part of a flurry of trade-related developments in Washington, D.C. Earlier this week, Trump threatened 25% tariffs on South Korea and Japan and reiterated that a looming tariff deadline of August 1 would not be extended.
Trump characterized his aggressive trade actions as part of his long-running mission to defend American industry. Criticizing past administrations, he said: “People that sat in this room allowed it to happen. And I don’t allow it to happen.”
The copper tariff stems from a Commerce Department investigation under Section 232 tariff authority, which began in February. Unlike steel and aluminum, copper had not yet been targeted until now.
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