Donald Trump said Tuesday he will impose a tariff of up to 200% on imported pharmaceuticals and a 50% tariff on copper-based goods as part of a renewed push to strengthen domestic manufacturing.
Commerce Secretary Howard Lutnick said copper tariffs are expected to take effect by August 1. “Copper [tariffs] will be set, likely to be put into place [at] the end of July, maybe Aug. 1,” Lutnick told CNBC, noting Trump plans to make the announcement official via Truth Social.
Trump also stated that pharmaceutical companies would be given a year and a half to prepare for the 200% import duty on drugs, one of the largest proposed trade barriers of his administration to date.
Financial markets appeared unfazed by the announcement, with major indexes largely unchanged. Analysts noted that investors may be holding off reactions until the practical impact of the tariffs becomes clearer.
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