Donald Trump has said he will sign an order this week to slap a 50 percent tariff on copper imports. 

The new charge lines up with existing steel and aluminium rates, a move he insists will help US factories stay afloat. "Today we're doing copper," he told a cabinet meeting, indicating progress in an ongoing probe into imports of the metal.

Manufacturers have lost jobs during Trump’s term but he argues the tariffs are needed to reverse the trend. He is now eyeing the drug industry too. Trump told his Cabinet he wants to hit pharmaceutical imports with tariffs “at a very, very high rate, like 200%.” He hinted at giving businesses about eighteen months before the new rules take hold.

President Trump also indicated plans to target the pharmaceutical industry with tariffs. However, he stated that these tariffs would not take effect immediately.

"We're going to give people about a year, a year and a half to come in, and after that, they're going to be tariffed," Trump said during a cabinet meeting.

He further added, "They're going to be tariffed at a very, very high rate, like 200 percent. We'll give them a certain period of time to get their act together." This grace period is intended to allow pharmaceutical companies to relocate their operations to the United States.

These potential tariffs on copper and pharmaceuticals are in addition to the existing 10 percent tariff on almost all US trading partners. The Trump administration has already imposed duties on steel, aluminum, and automobiles this year.

Source: The Economic Times

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