US President Donald Trump has once again caused a stir when he announced the imposition of a 50% import duty on all copper brought into the country, followed by an 'additional package' with a proposed 200% tax on pharmaceutical products.
In a Cabinet meeting at the White House, Trump announced that the tariff on copper had been finalized at a rate of 50 percent, but the implementation date has not yet been officially announced.
The move makes copper the third metal after steel and aluminum to be subject to high tariffs under Section 232, a law that allows action on national security grounds.
The announcement immediately sent copper futures prices soaring by 15 percent to a record US$5.68 (RM26.54) per pound, marking a total increase of 38 percent since the beginning of the year.
Meanwhile, Trump has warned that tariffs of up to 200 percent on pharmaceuticals are coming soon — though they may be temporarily delayed to give companies a chance to move operations domestically.
An investigation into drug imports has been underway since April, and Trump has now insisted that the US needs to increase its reliance on domestic production to secure the country's medical supplies.
