WASHINGTON: US President Donald Trump said Tuesday that he plans to set a 50 per cent tariff on copper imports, while threatening a much higher rate on pharmaceuticals that would kick in after at least a year.
“Today we’re doing copper,” he told a cabinet meeting.
He also said Washington would soon make an announcement on pharmaceuticals: “They’re going to be tariffed at a very, very high rate, like 200 per cent.”
The latest announcement came as the ongoing US-China trade war engulfed the entire world after Trump decided to impose tariffs on friends and foes alike soon after entering the White House for second term.
As far as the copper tariffs are concerned, Chile would be worst affected, being the largest source of this commodity imports. It is followed by Canada, Peru, Democratic Republic of Congo and Mexico.
When it comes to the pharmaceuticals, the European giants are the target, especially amid the ongoing trade talks between the US and the EU.
Trump wants to the EU to open the market for the US pharma companies which produce very expensive medicines. It is the reason why the bloc cannot afford accepting the demand because it will prove a huge burden for the universal healthcare system.
Unlike the US, the only developed country without a universal healthcare service, Europe prides itself for the system developed after the WWII.
The current cost of living crisis has already rattled the liberal democracies in Europe, which are witnessing an alarming rise of far right.
It’s developing story. Details to follow