Trump announces that tariffs on copper and pharmaceuticals will be implemented "very soon."

President Trump announced plans to impose a 50% tariff on copper imports and a potentially 200% levy on pharmaceuticals, with official announcements expected soon. He provided pharmaceutical importers a year to adjust before implementation. Earlier in the year, the administration began investigations into imports of copper, pharmaceuticals, critical minerals, and semiconductors, which often precede new tariffs. Recently, Trump also postponed the return of country-specific reciprocal duties to August 1.