President Donald Trump said drug imports will face “a very high rate, like 200%,” and will impose tariffs at a later date.
US tariffs will come into effect on August 1st
The president said most tariff transactions should take place by July 9th, but not valid until August 1st.
WASHINGTON – President Donald Trump plans to continue the pressure campaign to overturn global trade policy by announcing a 50% tariff on copper imports, and plan to impose tariffs on drugs that soon enter the US
Copper is the core component of electrical equipment. Many home appliances also have copper in their wiring.
“I believe in copper tariffs, we’re going to make 50%,” Trump said at a cabinet meeting on July 8, where he indicated that he would formalize the new tariffs later that day. Trump did not say when it would take effect.
Trump added that drugs will face “very high rates, like 200%,” which he will be introduced at a later date. Tariffs on these imports will not be enforced for at least a year to give drugmakers time to prepare, he said.
Commerce Secretary Howard Lutnick told CNBC that copper tariffs are expected to begin collecting at Trump’s mutual tariffs at the end of the month or on August 1st. Research into semiconductors and drugs was also expected to be completed at the end of July, Lutnick said.
On July 7, the president told 14 countries that exports would face tariffs of more than 25% in letters published on social media. He was expected to issue up to 100 letters before August 1 to countries notifying countries that did not have another arrangement for their new tariff rate with the United States. He has had a baseline tariff of 10% in most countries since April.
Contribution: Reuters
