Donald Trump announced a plan to escalate trade tariffs, including up to 200% on foreign drugs and 50% on copper. He stated that no extensions will be granted beyond 1 August, despite previous uncertainty regarding tariff deadlines. This announcement follows a temporary pause on duties for negotiations with 14 countries. Stock markets remained relatively unaffected by these threats. The administration's tariffs aim to boost US production while significant increases in tariffs are expected for other goods, including pharmaceuticals and chips, alongside record increases in US copper prices.
Donald Trump declared that no extensions will be granted beyond 1 August for tariffs on foreign drugs and copper, promising significant rate hikes of up to 200%.
The administration announced a 50% tariff on imported copper, aiming to boost US production, while US copper prices surged by 12% to record levels.
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