News Brief
Trump's Proposed Steep Tariffs May Hit India's Copper And Pharma Sectors— All About It
Narendra Modi and Donald Trump (File Photo) (Representative Image)
US President Donald Trump has announced a 50 per cent tariff on copper imports, expanding his sector-specific trade actions that already cover steel and aluminium, reported NDTV.
He also warned of a possible 200 per cent tariff on pharmaceuticals after about a year, aiming to push manufacturers to relocate production to the United States.
"Today we're doing copper. I believe the tariff on copper, we're going to make it 50 per cent," Trump told a cabinet meeting Tuesday (8 July).
Prices for the metal surged following the announcement.
US Commerce Secretary Howard Lutnick said the tariff would likely take effect by end of July or 1 August.
On pharmaceuticals, Trump added, "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. They're going to be tariffed at a very, very high rate, like 200 per cent."
"It's alright if you want to challenge the dollar. But they will have to pay the tariffs. I don't think they want that," he added.
The move could hit India hard as the US is its largest pharma export market, worth $9.8 billion in FY25—40 per cent of India’s pharma exports.
India also ships $360 million in copper to the US.
While copper demand may shift domestically, pharma exports face steep risks unless a mini-trade deal is finalised before the 1 August tariff deadline.
