Trump plans to impose a 50% tariff on imported copper, and drug tariffs could be as high as 200%.

On July 9, US President Donald Trump told reporters during a cabinet meeting on Tuesday that more trade agreements were coming, particularly in the form of letters in which the US unilaterally sets tax rates. "These agreements are basically what I'm asking them for," Trump said. "The numbers we picked are cheap and fair." Trump added that the US would impose a new 50% tariff on copper imports. "Today we're targeting copper. I think we're going to put the copper tariff at 50%." Copper futures in New York rose sharply in response, expanding to 17% during the day. In addition, Trump said that the United States will soon impose tariffs of up to 200% on medicines, but companies will have a year and a half to adjust their supply chains before the tariffs take effect. Trump also said he would soon announce tariffs on semiconductors, but he did not specify the level or date of the tariffs.