President Donald Trump has revealed plans to place a 50% tariff on imported copper, part of a larger push to bring manufacturing and resources back to the United States.
The announcement came during a Cabinet meeting at the White House on Tuesday, where Trump also hinted at new, steep tariffs on pharmaceutical imports.
"Today, we're doing copper," Trump told reporters. "I believe the tariff on copper—we're going to make it 50%." He did not share an exact start date for the new tariff.
According to FoxBusiness, copper prices surged after the announcement, ending the day with a 13% jump—the biggest one-day gain in over three decades.
Shares of US copper mining companies also rose, as investors expect domestic producers to benefit.
The US imports nearly half its copper, with much of it coming from Chile. Copper is widely used in construction, electric cars, power grids, and renewable energy.
Commerce Secretary Howard Lutnick confirmed that the US completed its investigation into copper imports, which had been launched in February under national security grounds.
"The idea is to bring copper home," Lutnick said, adding that the goal is to align copper tariffs with those already in place for steel and aluminum, which Trump raised to 50% last month.
🚨 THE PRICE OF COPPER JUST JUMPED OVER 12% WITHIN MINUTES.
— WTS Capital (@wtscapital) July 8, 2025
Trump announced a 50% tariff on #copper imports starting August 1.
Buyers are front-running the move hard. pic.twitter.com/e2eF0wzmq5
Trump Plans 200% Tariff on Imported Pharmaceuticals
Trump also said he is preparing to announce tariffs "at a very, very high rate, like 200%" on pharmaceutical products, CNBC said.
He noted that drug companies could have up to 18 months to shift production to the US before the tariffs take effect.
These moves are part of Trump's broader trade strategy. In April, he introduced "reciprocal" tariffs—10% across the board, with higher rates for specific countries.
This week, he sent letters setting new tariffs of up to 40% on goods from 14 countries, including Japan and South Korea. Those are set to begin August 1.
Critics say blanket tariffs could hurt trade partners and raise prices for American consumers. However, Trump and his team argue that the long-term benefit is bringing jobs and industry back to the US.
"We have to protect our economy," Trump said. "We're making things in America again."
The copper tariff is expected to be signed into law by the end of July.
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