President Donald Trump said Tuesday 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 per cent 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 Tuesday. “I believe the tariff on copper, we’re going to make it 50 per cent.”
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 per cent.”
Apart from copper and pharmaceuticals, Trump has ordered probes into imports of lumber, semiconductors and critical minerals that could lead to further levies.
Lutnick told CNBC that U.S. studies on pharmaceuticals and semiconductors would be completed by the end of the month, with Trump to set policies thereafter.
Beyond tariffs impacting sectors, Trump separately slapped a sweeping 10 per cent 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’
“No extensions will be granted,” Trump posted on Truth Social. “There will be no change.”
The clarification came after Trump told reporters Monday night that the Aug. 1 deadline was “firm, but not 100 per cent firm.”
In a push for further trade deals, Trump also sent letters to more than a dozen partners on Monday, including key U.S. allies Japan and South Korea.
Products from both countries would be hit with 25 per cent duties, Trump wrote in near-identical documents to leaders in Tokyo and Seoul.
Indonesia, Bangladesh, Thailand, South Africa and Malaysia were among other countries facing duties between 25 per cent and 40 per cent.
Most countries receiving the letters so far saw U.S. tariffs at similar or unchanged rates from those threatened in April, although some like Laos and Cambodia received notably lower levels.
In his messages to foreign leaders, Trump warned of further escalation if there was retaliation against his levies.
Lutnick said 15 to 20 more letters could go out in the next two days.
‘Two days off’
Trump insisted Tuesday that “big money will start coming in on Aug. 1.”
U.S. Treasury Secretary Scott Bessent added at the cabinet meeting that tariff income could exceed US$300 billion by year-end.
The Trump administration is under pressure to show results after promising a flurry of deals following its tariff threats.
Trump said Washington was “probably two days off” from sending the EU a letter setting out an updated tariff rate for the bloc.
“They’re very tough, but now they’re being very nice to us,” he said. “We are talking to them.”
So far Washington has only struck two pacts, with Britain and Vietnam, besides an agreement to dial back staggeringly high tit-for-tat levies with China.
Lutnick said he expects to start a “bigger trade conversation” between Washington and Beijing in early August, alongside Bessent and U.S. trade envoy Jamieson Greer.
And U.S. talks with Britain are ongoing over steel and aluminum.
Trump recently doubled U.S. tariffs on imports of both metals to 50 per cent while exempting the U.K. from this increase. But Washington could double the levy on U.K. steel and aluminum too starting Wednesday, if it determined that London had not complied with the terms of their deal.
In threatening tariff hikes on various countries, Trump cited in his letters a lack of reciprocity in trading ties.
