Washington, July 9 –U.S. President Donald Trump announced a 50% tariff on imported copper, along with pending levies on semiconductors and pharmaceuticals, sparking renewed alarm among international partners and sending shockwaves through global markets.
The aggressive move, revealed during a White House cabinet meeting, marks the latest phase in Trump’s expanding trade war, which now targets countries across Asia, Africa, and Eastern Europe—including members of the BRICS bloc such as India, Brazil, and South Africa.
“We’re finally collecting money from countries that have been ripping us off for decades,” Trump declared. “They were laughing behind our backs at how stupid we were.”
Trump’s new copper duty—on a metal critical to electric vehicles, defense, energy infrastructure, and consumer goods—sent U.S. copper futures soaring by more than 10%. Additional tariffs of up to 200% on pharmaceutical imports were floated, though Trump said implementation could be delayed by up to a year.
The president also hinted at imminent new duties for the European Union. “Probably in two days, I’ll let the EU know what to expect,” he said, noting that the 27-member bloc had been “treating us very nicely” in recent talks.
Trump reiterated his threat of 10% tariffs on goods from Brazil, India, and other BRICS nations, drawing concern from policymakers in those countries. However, he also claimed that a trade deal with India is “close,” even as officials in New Delhi have expressed unease over Washington’s unpredictable approach to tariffs.
A White House official confirmed that “at least seven” tariff notices will be issued Wednesday, with more to follow. So far, only two trade agreements have materialized—one with the United Kingdom, and another with Vietnam—despite Trump’s promise of “90 deals in 90 days.”
U.S. pharmaceutical stocks dipped on fears of the proposed 200% duties. Meanwhile, Yale Budget Lab reported the U.S. effective tariff rate has surged to 17.6%, the highest since 1934. The S&P 500 closed slightly lower Tuesday, a day after markets reeled from the initial announcement.
Treasury Secretary Scott Bessent said tariff collections have already brought in $100 billion and could reach $300 billion by year-end.
Trading partners reacted with caution. Japan and South Korea, facing potential 25% tariffs, emphasized their need for sector-specific safeguards. “We will not compromise on agriculture,” said Japanese trade envoy Ryosei Akazawa, while South Korea pledged to “intensify negotiations.”
European Union sources said Brussels is racing to finalize a deal with Washington before the August 1 deadline, offering concessions in aviation, medical devices, and spirits. However, German Finance Minister Lars Klingbeil warned, “If we don’t reach a fair deal, the EU is prepared to retaliate.”
Tariffs by the Numbers
Trump also revealed a wide set of proposed tariffs on imports from smaller economies:
- 25% on Tunisia, Malaysia, Kazakhstan
- 30% on South Africa, Bosnia and Herzegovina
- 32% on Indonesia
- 35% on Serbia, Bangladesh
- 36% on Cambodia, Thailand
- 40% on Laos, Myanmar
China Talks Ongoing
Despite past hostilities, Trump struck a conciliatory tone on China. “We’ve had a really good relationship with China lately,” he said, noting frequent conversations with President Xi Jinping. A trade framework agreement was reached in June, though key details remain unresolved ahead of a U.S.-imposed August 12 deadline.
With global trade now deeply entangled in political brinkmanship, analysts warn that the expanding tariff regime could upend supply chains, stifle growth, and strain alliances ahead of the U.S. presidential election.
