Trump imposes 50% copper tariffs, warns of 200% pharma tax
What's the story
US President Donald Trump has announced a massive 50% tariff on copper imports. The move comes as part of an ongoing investigation into the metal's importation. The decision could have major implications for India, which exported $2 billion worth of copper and copper products globally in 2024-25. Out of this, the US accounted for $360 million or 17%.
Pharmaceutical impact
US is India's largest market for pharmaceuticals
Along with copper, Trump has also threatened to impose a whopping 200% tariff on pharmaceuticals imported into the US. However, he said that pharmaceutical manufacturers would be given time of year or year and a half to shift their operations to the US before these new duties are enforced. This is particularly important for India as the US is the largest market for Indian pharmaceuticals, and drug exports to the US rose by 21% in FY25.
Broader tariff strategy
Other imports being probed
In addition to copper and pharmaceuticals, Trump has also imposed tariffs on steel, aluminum, and autos. He is also probing imports of lumber, semiconductors, and critical minerals for possible future levies. The president has threatened a 10% tariff on BRICS nations but said they are "not a serious grouping." He also acknowledged that these countries are challenging the US dollar.