US President Donald Trump speaks during a cabinet meeting in the Cabinet Room of the White House in Washington, DC, on July 8, 2025.
Andrew Caballero-Reynolds | AFP | Getty Images
President Donald Trump said he will impose a 50% tariff on copper imports on Tuesday, and suggested more steep sector-specific duties are on the way.
“Today, we’re doing copper,” Trump said during a Cabinet meeting at the White House. “I believe the tariff on copper, we’re going to make it 50%.” He did not say specifically when that tariff would take effect.
Trump also said he would soon announce tariffs “at a very, very high rate, like 200%,” on pharmaceutical imports.
Pharmaceutical companies could have up to a year and a half to start producing their products in the U.S. before those new tariffs take effect, Trump added.
Copper prices jumped to a record high after Trump’s abrupt announcement, with the September futures contract surging 10.5% to $5.8955 per pound.
Shares of copper miner Freeport-McMoRan, meanwhile, rose 5% as investors expect domestic producers to benefit from the tariff.
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— CNBC’s Spencer Kimball contributed to this report.