CNN
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\n President Donald Trump said Tuesday he\u2019s imposing a new 50% tariff on all copper imported into the US. However, it\u2019s unclear when the new tariff would take effect.\n <\/p>\n
\n \u201cToday we\u2019re doing copper,\u201d he said at a Cabinet meeting, adding that he believed the rate will be 50%.\n <\/p>\n
\n This would mark the fourth across-the-board tariff Trump has imposed during his second term. Currently, most imported cars and car parts face a 25% tariff, while imported steel and aluminum both face 50% tariffs.\n <\/p>\n
\n The White House didn\u2019t immediately respond to CNN regarding Trump\u2019s timeline for imposing copper tariffs.\n <\/p>\n
\n Trump ordered a Section 232 investigation into copper imports in February, using a law that gives the president authority to impose higher tariffs based on national security grounds.\n <\/p>\n
\n Copper is a crucial component in a variety of goods, including electronics, machinery and cars. Tariffs on copper could make those goods more expensive for Americans. The US imported $17 billion worth of copper last year, according to US Commerce Department data. Chile was the largest foreign supplier of the metal, shipping $6 billion worth of it to the US last year.\n <\/p>\n
\n Copper prices surged to all-time highs after Trump said he plans to levy tariffs on the red metal. Copper futures in New York jumped as much as 15% and hit a record $5.68 per pound.\n <\/p>\n
\n \u201cI\u2019ve been surprised it\u2019s taken this long to get the copper tariff,\u201d Ed Mills, Washington policy analyst at Raymond James, told CNN.\n <\/p>\n
\n Copper prices have soared 38% this year as Trump\u2019s tariffs are set to hike the cost of importing the metal, a reflection of stockpiling to get ahead of tariffs.\n <\/p>\n
\n \u201cA 50% increase will be a massive tax on consumers of copper,\u201d Ole Hansen, head of commodity strategy at Saxo Bank, said in an email.\n <\/p>\n
\n \u201cWatch what Trump does, not what he says,\u201d Hansen said. \u201cPerhaps we may see a staggered approach once the administration realizes the impact on consumers of such a big move.\u201d\n <\/p>\n
\n Trump also said on Tuesday that 200% tariffs on pharmaceuticals are coming \u201cvery soon,\u201d but they may not take effect for some time in an effort to get more companies to move to the US.\n <\/p>\n
\n Trump, who exempted drug imports from tariffs during his first term, has been promising to impose tariffs on pharmaceutical products for several months but has yet to announce any concrete measures. The administration launched an investigation<\/a> into pharmaceutical imports in mid-April, setting the stage to impose tariffs on national security grounds.\n <\/p>\n \n The president now argues that the United States needs more domestic drug manufacturing so it does not have to rely on other countries for its supply of medicines. Multiple drug makers have announced expansions of their US-based manufacturing initiatives, though some were in the works prior to Trump taking office in January.\n <\/p>\n