By Esther Ososanya
U.S. President Donald Trump on Tuesday said his administration will impose a 50% tariff on imported copper and soon roll out long-threatened duties on semiconductors and pharmaceuticals — a sweeping expansion of his global trade war that has rattled financial markets and U.S. allies.
The announcement, made during a White House cabinet meeting, follows tariff warning letters sent to 14 major trading partners, including Japan, South Korea, and Brazil.
Trump also reiterated a 10% tariff threat on goods from BRICS countries such as India and Brazil and said a fresh tariff notice would soon go to the European Union.
Markets React to Copper, Pharma Tariff Threats
U.S. copper futures jumped more than 10% after Trump’s remarks. The metal is essential to electric vehicles, military hardware, and power infrastructure. Meanwhile, U.S. pharmaceutical stocks slid following Trump’s threat to impose 200% tariffs on drug imports, though he noted that the measure might be delayed for a year.
The new copper duties will add to existing tariffs on steel, aluminium, and automobiles. However, Trump did not specify when the new measures would take effect.
Global Partners Scramble as Tariff Deadlines Shift
Trump’s remarks came a day after his administration pushed back a major tariff deadline from July 10 to August 1, giving trading partners time to negotiate. Despite a promise of “90 deals in 90 days, ”only two trade agreements with the United Kingdom and Vietnam have been concluded so far. A deal with India is reportedly close.
Trump defended his aggressive trade stance, “It’s about time the United States started collecting money from countries that were ripping us off and laughing behind our back,” he said.
He also hinted that a minimum of seven new tariff notices would be released on Wednesday, with more expected later that day.
Highest U.S. Tariff Levels Since the 1930s
Trump’s actions have pushed the U.S. effective tariff rate to 17.6%, according to Yale Budget Lab — the highest since 1934. That’s up from 15.8% before his latest announcements.
Treasury Secretary Scott Bessent said the government has collected about $100 billion in tariff revenue so far and projects $300 billion by year-end.
Wall Street reacted cautiously. The S&P 500 closed slightly lower Tuesday, following a sharp selloff the previous day.
ALSO READ: Trump Extends Tariff Deadline to August 1 with Executive Order
EU, Japan, and South Korea Weigh Responses
The European Union, the U.S.’s largest bilateral trade partner, hopes to reach a deal before the August deadline, offering concessions in sectors such as aircraft, medical equipment, and spirits. However, German Finance Minister Lars Klingbeil warned that the EU is ready to retaliate if needed.
“If we don’t reach a fair trade deal with the U.S., the EU is ready to take countermeasures,” Klingbeil told the Bundestag.
Japan, facing a possible 25% tariff, has demanded protections for its automotive industry and warned it will not compromise its agriculture sector.
South Korea, also targeted, said it will intensify talks in the coming weeks to secure a “mutually beneficial” outcome.
China Talks Ongoing, More Tariffs on Smaller Nations
Despite the widening trade rift, Trump said talks with China were going well and that he has been in regular contact with President Xi Jinping.
The two countries reached a framework deal in June, but its terms remain unclear ahead of an August 12 deadline.
In a sweeping move, Trump also announced the following tariff rates on smaller nations:
- 25% on Tunisia, Malaysia, and Kazakhstan
- 30% on South Africa and Bosnia & Herzovina
- 32% on Indonesia
- 35% on Serbia and Bangladesh
- 36% on Cambodia and Thailand
- 40% on Laos and Myanmar
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.