Trump’s “Copper Fever” and the Looming 200% Pharma Tax
In a move that’s got the world’s metal market buzzing, former President Donald Trump declared that the U.S. is going to slap a whopping 50% tariff on copper imports. That’s right: the price of copper has already hit record highs, and now the Trump administration is looking at a new tax that could push prices even higher.
The Big Number Sandwich
On Tuesday, Trump told reporters that “Today we’re doing copper.” He hinted that he’d consider 50% off‑the‑wall duties on copper and possibly a dramatic 200% tax on pharmaceuticals in a little under two years.
12 Countries, 40% Tariffs
Just a day before, Trump sent letters to 12-plus countries setting tariff rates that could go as high as 40%. Those rates will kick in on August 1, leaving traders scrambling to figure out who gets hit, who does not, and whether they can dodge the blow.
Markets React
- US copper futures jumped over 10% overnight, trading at $5.682 a pound—a new all‑time high.
- London Metal Exchange saw copper dip 2.4%, settling around $9,653 a tonne.
Germany’s Optimistic Spin
German Chancellor Friedrich Merz rolled into the Bundestag telling members that “I am cautiously optimistic.” He hopes the U.S. and Germany can lock in a deal by month’s end, though the specifics remain fuzzy.
Pharma Warning Letter
Trump explained that pharma shipments will have a giveaway period of about one to one and a half years. After that, any drugs crossing the border could face an astronomical 200% tariff—bringing in a future shockwave for the entire healthcare industry.
Other Items on the Radar
- Pharmaceuticals
- Semiconductors (chips)
- Other “big things” we’re not quite sure about yet
So, folks, grab your wallets and your eye for copper—because it’s about to get a little more expensive, and we’ve got a whole new set of rules that might just bring the gloves off after the next 18 months.
