 "Trump announces 50% tariff on copper, warns pharma imports may face 200% duty")
US President Donald Trump on Tuesday announced new 50 per cent tariffs on copper imports, following earlier tariffs on steel and aluminium. He also warned that tariffs on imported pharmaceuticals could rise to as much as 200 per cent after a year.
This move could affect India, which exported $2 billion worth of copper and copper products globally in 2024–25, with $360 million, or 17 per cent, going to the US. The US is also India’s biggest market for pharmaceuticals. India’s drug exports to the US grew to $9.8 billion in FY25, up 21% from $8.1 billion the previous year, and now make up 40 per cent of India’s total pharma exports.
Trump said he plans to impose tariffs on imported semiconductors and pharmaceuticals, but drugmakers would have about a year to adjust before higher tariffs take effect.
“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,” Trump said to reporters during a Cabinet meeting at the White House.
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