Trump says he will impose a 50 % tariff on copper imports star-news.press/wp

President Donald Trump said he would impose a 50 % tariff on copper imports on Tuesday, and suggested that they be more severe in the sector on the road.

“Today, we are doing copper,” Trump said at the White House cabinet meeting. “I think the tariff on copper, we will make it 50 %.” He did not say specifically when this tariff became valid.

Trump also said that he will soon announce the definitions “at a very high rate, like 200 %”, on pharmaceutical imports.

Trump added that pharmaceutical companies can have up to a year and a half to start producing their products in the United States before these new definitions become in effect.

copper Prices jumped to a standard level after Trump’s sudden announcement and ended the trading day by 13.12 % for the best gains for one day since 1989.

Copper mine shares Freeport-McMORANAt the same time, it rose by 5 % as investors expect to benefit from local producers from the customs tariff.

Copper is the third most consumer metal, behind iron and aluminum. The United States imports nearly half of the copper it uses, most of which come from Chile, according to data from American geological survey.

Trump in late February Investigation In a possible new tariff on copper imports on the ground of national security.

Trade Minister Howard Lootnick at CNBC later said on Tuesday that this investigation had ended.

“The idea is to bring copper to the house, and bring copper production to the house,” said Lootnick. He pointed out that Trump’s move will bring copper definitions in line with our duties on imports Steel and aluminumWhich Trump doubled to 50 % in early June.

Lootnick said he expected Trump soon a declaration that would put a copper tariff in place by the end of July.

The new commercials about copper and pharmaceutical preparations are separate from the “mutual” definitions that revealed Trump in early April, when it imposed a 10 % basic duty on imports from almost all other countries, as well as rates higher on dozens of individual countries.

Trump has repeatedly delayed the highest mutual definitions of the effect. But on Monday, he sent a group of messages dictating new tariff prices on imports from 14 countries, including Japan, South Korea and Thailand.

The individual blanket tariff rates, which ranged between 25 % to 40 %, are scheduled to enter August 1.

– Spencer Kimbal of CNBC contributed to this report.