WASHINGTON: US President Donald Trump said Tuesday that he plans to set a 50 percent tariff on copper imports, while threatening a much higher rate on pharmaceuticals that would kick in after at least a year.
“Today we’re doing copper,” he told a cabinet meeting, indicating progress in an ongoing probe into imports of the metal.
The president also said that Washington would soon make an announcement on pharmaceuticals, broadening the slate of sector-specific levies his administration has imposed since January.
But he said he would allow pharmaceutical manufacturers time to relocate their operations into the United States before rolling out fresh duties.
Copper retreats on tariff uncertainty and firmer dollar
“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.
“They’re going to be tariffed at a very, very high rate, like 200 percent,” he added. “We’ll give them a certain period of time to get their act together.”
Apart from imposing a blanket 10 percent tariff on almost all US trading partners and threatening higher rates customized to dozens of economies, Trump has also imposed duties on steel, aluminum and autos this year.
Besides copper and pharmaceuticals, he has ordered probes into imports of lumber, semiconductors and critical minerals too that could eventually bring about further levies.
Comments
Comments are closed for this article.