Trump mulls 50 pct copper tariff, says no extension to August deadline

WASHINGTON

President Donald Trump has said that he would not extend an Aug. 1 deadline for higher U.S. tariffs to take effect on dozens of economies, while announcing plans for a 50 percent duty on copper imports.

The copper levy would come after a probe into imports of the metal, broadening a slate of sector-specific tariffs Trump has imposed since returning to the White House.

"Today we're doing copper," he told a cabinet meeting on July 8. "I believe the tariff on copper, we're going to make it 50 percent."

Commerce Secretary Howard Lutnick told CNBC shortly afterward that the rate will likely be implemented at the end of July or on Aug. 1.

Trump also said Washington would soon make an announcement on pharmaceuticals, but officials would allow manufacturers time to relocate their operations into the country.

"We're going to give people about a year, a year and a half to come in, and after that, they're going to be tariffed," he said. "They're going to be tariffed at a very, very high rate, like 200 percent."

Beyond tariffs impacting sectors, Trump separately slapped a sweeping 10 percent tariff on goods from almost all trading partners in April.

These would have swiftly risen to steeper levels for dozens of economies including the European Union and Japan, but Trump paused their implementation until July 9.

The president this week again delayed their reimposition, pushing it to Aug. 1 while insisting there would be no further delay.

"No extensions will be granted," Trump posted on Truth Social. "There will be no change."

The clarification came after Trump told reporters on July 7 night that the August 1 deadline was "firm, but not 100 percent firm."