Donald Trump has announced a potential 50% tariff on copper imports as prices hit record highs. On Monday, he communicated plans to set tariffs up to 40% on over twelve countries starting August 1. Copper futures in the U.S. increased by over 10%, reaching $5.682 a pound. In contrast, copper prices on the London Metal Exchange dropped by 2.4% to $9,653 a tonne. Trump also mentioned the possibility of imposing a 200% border tax on pharmaceutical imports within the next 18 months.
On Tuesday, President Trump stated, 'Today we're doing copper,' indicating intentions to impose a 50% tariff rate on copper imports, taking action as prices surged.
Copper futures in America rose over 10% to $5.682 a pound, reaching an all-time high. Meanwhile, prices on the London Metal Exchange fell by 2.4% to $9,653 a tonne.
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