2025-07-09T01:37:12Z

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On Tuesday, July 8, President Donald Trump made a significant announcement regarding trade policies, stating that he intends to impose a staggering 50 percent tariff on imported copper. This move marks a continuation of his aggressive trade war, which has already created ripples in the global markets. Trump also signaled the imminent introduction of long-anticipated levies on semiconductors and pharmaceuticals, industries that are pivotal to modern economies and technological advancement.

The President's remarks came just a day after he exerted pressure on 14 trading partners, including key allies like South Korea and Japan, by proposing sharply higher tariffs. His administration has also threatened to impose a 10 percent tariff on products coming from Brazil, India, and other members of the BRICS grouping—Brazil, Russia, India, China, and South Africa. This broadening of the trade dispute could potentially destabilize markets that are already on edge due to previous tariff announcements.

During a Cabinet meeting at the White House, Trump asserted that trade negotiations with the European Union and China were progressing well. However, he warned that he was only days away from delivering a formal tariff letter to the EU, indicating that further trade restrictions could be on the horizon. His comments highlighted the ongoing complexities of global trade dynamics that are being reshaped by his administration’s policies.

The immediate reaction in the commodities market was notable; US copper futures surged by more than 10 percent following Trump's tariff announcement. Copper is a critical metal used in various sectors, including electric vehicles, military hardware, and consumer electronics. These new tariffs would add to the existing duties on steel, aluminum, and automotive imports, although the timeline for their implementation remains uncertain.

Trump's threats have also negatively impacted US pharmaceutical stocks, particularly after he hinted at a potential 200 percent tariff on drug imports, a move he suggested could be postponed by about a year. In light of the uncertainty surrounding these tariffs, other countries are reportedly making efforts to mitigate their potential effects, especially after Trump postponed a previously set deadline from Wednesday to August 1.

Earlier in the year, Trump's administration had promised to finalize “90 deals in 90 days” after announcing a series of country-specific tariffs. However, as of now, only two agreements have been achieved, with the United Kingdom and Vietnam. Trump indicated that a deal with India is nearing completion, reflecting the ongoing negotiations that are fraught with challenges.

Trump expressed a sense of urgency regarding these negotiations, stating that it was time for the United States to begin collecting revenues from countries he claimed were taking advantage of America’s previous trade policies. He added that “a minimum of seven” tariff notices would be issued the following morning, demonstrating a continued commitment to his administration's aggressive trade stance.

Furthermore, trading partners worldwide have reported difficulties in negotiating agreements with the US, largely due to the erratic nature of tariff announcements, which complicate their internal discussions about potential concessions. This unpredictable approach has made it challenging for foreign governments to determine their responses and develop coherent strategies in the face of evolving US trade policies.