Donald Trump is escalating of the trade war with plans for 50 % copper tariffs

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Donald Trump said that the United States will impose a great tariff on copper and pharmaceutical preparations, as the president puts his global trade war.

Trump told reporters before the cabinet meeting on Tuesday that “today we are doing copper“He added that he believes that the definitions of the artificial metal will be 50 percent. Trump also said that the United States could impose fees of up to 200 percent on drug imports after a transition period for 18 months.

The last new Trump shot Definitions Just one day after sending messages to 14 commercial partners, including Japan and South Korea, saying that the United States will strike them with sharp drawings from August 1.

He said on Tuesday that other countries will receive similar messages in the coming days, with a warning that there will be no extensions exceeding August 1 to conclude commercial deals. On Monday, the President retracted the deadline on July 9 to impose a sweeping “liberation day” tariff, which was initially unveiled in early April, citing the ongoing trade negotiations.

The fresh tour of the customs tariff pushes trade to the top of the Trump agenda, after recent weeks took control of its strong and successful effort, to pressure to push the budget bill “Great and Beautiful” pioneering through Congress, as well as the United States’s air strike against Iranian nuclear facilities.

Huard Lottennik, Trump’s Minister of Trade, said in an interview with CNBC that he expects copper definitions to be placed in place as soon as the end of this month, or early August.

The threat of copper definitions, which is widely used in electronics, construction and industrial equipment, is sent to us Metal high pricesFutures on the CME Group for Minerals were traded by 11 percent to $ 5.58 per pound on Tuesday afternoon. The arrows of the Arizona -based copper -based copper mines jumped by Arizona.

“The market will be surprised by the bullish trend with the proposed number,” JPMorgan analysts indicated that “the market will be surprised by the upper direction of the proposed number,” adding that the Wall Street Bank was filmed at a 25 percent tariff rate of refined metal imports.

Chile to a large extent, the largest resource of refined copper to the United States, followed by Canada and Mexico, according to the American geological survey.

Pierre Graton, President of the Mining Association in Canada, said billions of dollars in energy infrastructure, such as copper pipes, were shipped to the United States as part of the integrated North America industry.

He added that the United States did not have enough ability to refine copper or mosque and relied on Canadian mineral imports, adding that these high tariff rates “will harm the United States.”

Trump also predicted the results of the drug investigation, which include public and brand products, and important inputs such as active ingredients.

“We will give people about a year, one and a half years to enter, and then they will be defined if they are forced to bring medications to the country at a very high rate, like 200 percent,” Trump said.

The president said he would issue a declaration of customs tariffs “very soon.” The S& P 500 Pharmaceuticals has decreased from its highest level a day after Trump’s announcement, but it still closes by 0.7 percent.

With the passage of at least a year before the start of the tariff, the pressure groups in Washington said it did not pose a major threat to pharmaceutical companies in the short term. One of the pressure groups said: “Classic Trump Ghome.”

The United States has already announced a highly decline on cars and steel as a result of national security investigations, but it has investigations into medicines, copper, wood, space, potatoes and consumer electronics.

A series of investigations in the critical sectors, known as investigations in Section 232, have increased uncertainty among American trading partners while trying to negotiate deals to study Trump’s tariff.

To date, the United Kingdom has only obtained any form of relief from sectoral tariffs. As part of its last deal with the United States, a 10 percent reduced tariff has been granted to a share of 100,000 cars, instead of facing a 25 percent tariff applied to most countries.

The United States is also negotiating with the United Kingdom about the low steel import share, and has pledged to negotiate the sculpture points of British companies from the pharmaceutical tariffs.

Additional reports by Ilya Gridinne in Toronto