Trump Rules Out Tariff Extensions, Targets Copper, Pharmaceuticals

President Donald Trump doubled down on his aggressive trade policy on Tuesday, stating that tariffs will take effect on August 1 without further extensions, according to Bloomberg. Trump said copper imports will face a 50% tariff, while drug companies could be taxed up to 200% if they don’t relocate production to the U.S. within a year. He confirmed plans to impose a 10% tariff on imports from India over its BRICS membership, despite progress on a trade deal. Trump also hinted at a 60% to 70% tariff range for some countries and threatened the EU with new levies over its treatment of U.S. tech firms. The White House has already notified over a dozen nations of tariff hikes, including a 25% increase on Japan and South Korea, a 30% increase on South Africa, and a 40% increase on Laos and Myanmar. The S&P 500 wavered and pharmaceutical stocks fell after Trump’s remarks, while copper futures surged.