U.S. President Donald Trump has declared plans to impose a 50% tariff on copper imports, while also threatening a 200% tariff on pharmaceuticals, escalating his protectionist economic rhetoric ahead of the 2024 election cycle.
In a fiery statement during a campaign rally, Trump argued that the U.S. must “take back control of critical industries”and reduce reliance on foreign suppliers, particularly China. “They’ve taken advantage of us for too long,” Trump said. “Copper, drugs—we’re going to make them here, and we’re going to win again.”
The announcement sent shockwaves through global markets, with copper prices reacting immediately amid concerns over supply constraints and retaliatory trade moves. Pharmaceutical stocks also dipped, reflecting fears of higher drug prices and global supply chain disruptions if such tariffs are enacted.
Industry leaders and economists warned that while the move might bolster domestic production in the short term, it risks igniting trade tensions with key partners and increasing costs for American consumers and businesses.
Trump’s aggressive tariff stance comes as he intensifies his economic nationalism platform, echoing policies from his previous administration while pushing for broader reshoring of U.S. manufacturing and supply chains.
