Trump Says He’ll Set 50% Copper Tariff, Wait Year on Drug Duties

President Donald Trump vowed to push forward with his aggressive tariff regime in the coming days, stressing he would not offer additional extensions on country-specific levies set to now hit in early August while indicating he could announce substantial new rates on imports of copper and pharmaceuticals.

The posturing on social media and at a Cabinet meeting on Tuesday came after traders initially shrugged off a series of letters and executive actions Trump issued Monday, pushing back the deadline for his so-called “reciprocal” tariffs while announcing the latest rates he planned for more than a dozen countries that had not succeeded in brokering quick trade agreements.

That changed Tuesday as Trump signaled a renewed determination to push ahead with his plans to heavily tax foreign imports.

Trump said he would offer no additional delays on the country-specific tariffs, despite the previous night allowing he was “not 100% firm” on his August 1 deadline.

Bloomberg's Senior Geoeconomics Analyst for Asia-Pacific Adam Farrar breaks down the implications of the still looming tariffs.

He said he would impose a 50% rate on copper products being sent into the US, surging futures of the commodity to their largest intraday gain in data going back to at least 1988.

He also told reporters that despite progress with the European Union on a trade deal, frustration over the bloc’s taxes and fines targeting US technology firms could result in him unilaterally declaring a new tariff rate within the next two days. And just hours after saying he was close to a trade deal with India, Trump said he would still tag imports from the country with an additional 10% levy for their participation in BRICS, a collection of developing nations.

Moreover, he said, drug companies could face a tax as high as 200% on imports if they didn’t move production to the US in the next year.

“We want to have relationships, but in every case, they treated us far worse than I’m treating them,” Trump said of trading partners.

As investors assessed the latest trade news, the S&P 500 wavered. Treasuries joined a global drop in longer-dated bonds.

Trump opened the morning with a social media post declaring his new rates would hit at the beginning of August, despite speculation that he might once again punt on the most punishing of tariffs.

“TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change,” Trump wrote on his Truth Social platform on Tuesday. “In other words, all money will be due and payable starting AUGUST 1, 2025 — No extensions will be granted.”

Trump began notifying trading partners of the new rates on Monday ahead of what was initially a deadline this week for countries to wrap up trade negotiations with his administration. Commerce Secretary Howard Lutnick, speaking to CNBC shortly after the Cabinet meeting on Tuesday, said he expected an additional 15-20 letters to be released in the coming two days.

But the new letters, unilaterally setting duties on countries that fail to reach deals, came alongside an executive order delaying the tariff date for three weeks, effectively giving trading partners an extension for talks.

That caveat — paired with Trump signaling that he was still negotiating additional deals — fueled speculation among some in Washington and on Wall Street that the president would not follow through on his latest tariff threats.

On Tuesday, Trump adopted a more strident tone as he addressed reporters during a Cabinet meeting, saying that despite previously indicating he was close to a trade deal with India, he still planned to punish the country for its participation in the BRICS forum. Trump said the group of developing countries was “set up to hurt us.”

“I can play that game too so anybody that’s in BRICS is getting a 10%” tariff addition, Trump said.

Trump also said that he was close to sending the European Union a letter unilaterally setting tariff rates, despite reported progress in trade talks with the bloc.

--------

Watch Bloomberg Radio LIVE on YouTube

Weekdays 7am-6pm ET

Follow us on X

Subscribe to our Podcasts:

Bloomberg Daybreak

Bloomberg Surveillance

Bloomberg Intelligence

Balance of Power

Bloomberg Businessweek

Listen on Apple CarPlay and Android Auto with the Bloomberg Business app:

Apple CarPlay

Android Auto

Visit our YouTube channels:

Bloomberg Podcasts

Bloomberg Television

Bloomberg Originals