US President Donald Trump on Tuesday imposed 50% tariff on copper imports, while threatening to slap 200% tariff on pharmaceutical products.
The announcement came in a press briefing following a Cabinet meeting. Trump said the pharmaceutical companies exports to the US will have a year-and-a-half before they face the tariffs.
The US president also said that he will also announce tariffs on chips, among other products.
Trump also said that all members of BRICS will be charged 10% tariffs, including India, as BRICS was set up to "hurt America" and "destroy the dollar".
While Trump has so far sent tariff letters to 14 countries, he is expected to send out more letters in the coming days. Justifying his move, he said that the tariffs being levied are "fair", and that the US is "picking out low tariff numbers".
The announcement comes shortly after Trump through a post on Truth Social said that the Aug. 1 deadline will not be extended and the tariffs will begin from the set date. "There has been no change to this date, and there will be no change," Trump said in his post.
He further added that more letters will be sent out on Tuesday and Wednesday.
This is a developing story.
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