President Donald Trump said he planned to implement a 50% duty on copper imports as part of a set of looming sectoral tariffs, while also indicating he could offer pharmaceutical manufacturers at least a year before applying a crippling 200% tariff on their foreign-made products.Trump told reporters during a Cabinet meeting on Tuesday he was still planning tariffs on select industries, including drugs, semiconductors, and metals.
“I believe the tariff on copper we’re going to make it 50%,” Trump said when asked by a reporter what the rate on those products would be. Copper futures in New York surged as much as 17% after Trump’s comments, the largest intraday gain in data going back to at least 1988.
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