US President Donald Trump said on Tuesday (July 8) that his administration would store 50 % of the import of copper and increase his pressure on the transformation of American business policy through aggressive tariffs.
“We are doing copper today,” Trump said during the cabinet meeting, confirming the decision to increase obligations on one of the most used industrial metals.
There may be other pharmacies
In another escalation, Trump also warned that drugs could face an even steeper tariff, although he suggested that this step would not be immediate.
“The customs will be at a very high rate, as 200 percent,” Trump said, adding that the measure would be announced soon and would come into force after at least a year.
This step contributes to a growing list of obligations specific to the sector and comes when the US is preparing to sweep tariffs to global business partners from 1 August.
10% of the global tariff set to kick 1. August
At the beginning of this year, Trump announced a blanket of 10% of imports from almost all US business partners. Although the White House was originally entered into force, the White House postponed this step until August 1. In a rectangular social contribution on Tuesday (July 8) Trump repeated that “there will be no change” and “no extensions will be awarded”.
Letters confirming the new tariff schedule were sent to dozens of countries this week, including key allies.
US will announce tariffs for 14 countries
Among those who received letters were Japan and South Korea, both warned against 25% fee on a wide list of goods. Other countries, including Indonesia, Bangladesh, Thailand, South Africa and Malaysia, face duties ranging from 25% to 40%.
Retaliation could bring higher duties
Trump warned that any attempts to bring duties through transmissionping – redirect products in third countries – would meet even higher tariffs. He also warned against retaliation and said that such actions would cause further escalation.
However, it indicated possible flexibility and stated that “if countries were willing to modify their business policies”, the US could consider the revision of its attitudes.
Few trade agreements
Despite the rush of tariff activities of the Trump administration, only limited agreements have so far been reached. Washington completed business contracts with Britain and Vietnam and concluded a partial agreement with China to alleviate tariffs escalation.
(Tagstotranslate) Donald Trump
