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Trump threatens new tariffs on copper and pharmaceuticals
The Street
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today
However, the President did not disclose when the tariffs would take effect.
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00:00
Copper is the latest tariff target. President Trump announced a 50% tariff on all copper imports, doubling the rate he previously floated.
00:09
That sent copper prices soaring Tuesday before pulling back on Wednesday.
00:13
Still, they're up about 7% this week and almost 40% this year, hovering just shy of record highs.
00:20
Copper is essential in everything from electronics to cars to industrial machinery,
00:25
so higher prices could make those items more expensive for American consumers.
00:29
Last year alone, the U.S. imported $17 billion worth of copper, according to the Commerce Department.
00:35
It's still unclear when the copper tariffs will take effect, but it would mark the fourth major sector hit by tariffs under Trump.
00:42
Right now, steel and aluminum are each facing 50% tariffs.
00:46
Imported cars and car parts carry a 25% levy.
00:49
And next up, possibly pharmaceuticals.
00:52
Trump has threatened a 200% tariff on imported drugs.
00:56
That'll do it for your daily briefing from the New York Stock Exchange.
00:59
I'm Caroline Woods with The Street.
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