Trump: 50% Copper Tariffs Today, Pharma 200% in 18 Months
President Donald Trump, at a Cabinet meeting conducted in front of the press on July 8, said that an announcement on lumber tariffs or quotas "just came out," adding, "now today, we're doing copper. I believe the tariff on copper we're gonna make that 50%."
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No conclusions of the Section 232 investigation on lumber and wood products have been published. The Commerce Department didn't clarify what the president meant by "just came out."
There had been no proclamation published on copper tariffs by press time.
Trump said of the Section 232 investigation on pharmaceuticals: "We're going to give people about a year, year and a half, to come in, and after that, they're going to be tariffed."
He said every imported drug will "be tariffed at a very, very high rate, like 200%."
He also said that Brazil, China, India, South Africa and Russia would get an additional 10% added to their tariff rates, as BRICS nations. The 10-member BRICS group of emerging economies issued a statement criticizing U.S. tariff policy. Trump had posted the same intention on social media over the weekend.
Trump has said repeatedly that the U.S. is close to a market-opening deal with India.
On July 7, Trump told reporters at an evening event that the 14 letters he shared that day had tariff rates that are "more or less final offers," adding, "I would say, final, but if they call with a different offer, if I like it, we’ll do it."
A reporter asked him if the Aug. 1 date was firm for starting the tariffs, and he replied, "I would say firm but not 100% firm if they call up and say we’d like to do something a different way. We’re going to be open to that."
Trump reversed himself on social media on July 8, writing, "As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted."
At the Cabinet meeting, he said, "We're probably two days off from sending [the EU] a letter." He said the EU is treating the U.S. "very nicely" since he ratcheted up the pressure. "They're very tough, but now they're being very nice to us, and we'll see what happens."
He also said that all the Liberation Day tariffs have convinced foreign officials to drop tariffs. He said they say: "Just so you know, sir, we'll charge you no tariffs, nothing. We'll give you everything. We'll give you access to our markets. We'll give you everything. Is that a correct statement? Scott, Howard, would you say that's the correct statement?"
Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick said he was correct.
Before the meeting, the White House published a fact sheet on the new tariff rates and deadline. It said: "Since President Trump modified the tariff rates roughly 90 days ago, dozens of countries have agreed or offered to lower their tariff rates and eliminate non-tariff barriers to move toward a more balanced trade relationship with the United States. Notwithstanding this significant and historic progress, the U.S. trade deficit remains severe."
It said the U.S. is "open to additional trade discussions and deals," but added: "Countries that aren’t serious about addressing the tariff and non-tariff trade barriers that impede American exports and harm American workers, farmers, and businesses are facing the consequences."
The fact sheet also said: "President Trump is the best trade negotiator in history."