Washington: US President Donald Trump has now warned of up to 200% tariffs on pharmaceutical imports and 50% on copper. Trump is expanding the scope of his trade policies that have caused global market uncertainty. These additions would complement existing tariffs on steel, aluminium and vehicle imports, although the implementation timeline remains unspecified. The Trump administration has identified these tariffs as a vital revenue stream. Treasury Secretary Scott Bessent reports that the administration has amassed roughly $100 billion to date, with estimates indicating potential collections reaching $300 billion by December.

Historically, the United States has got approximately $80 billion in yearly duty revenue. Trump announced on Tuesday his firm stance on the August 1 deadline for increased US tariffs, whilst introducing new plans for a 50% tariff on copper imports.

The announcement of the copper tariff, which expands Trump’s sector-specific measures since his return to office, caused significant increases in the metal’s market prices.