International News 10 July 2025
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Trump Expands Trade War: Copper, Semiconductors, and Pharma Face New Tariffs
President Donald Trump announced plans on Tuesday (July 8) to impose a 50% tariff on copper imports, alongside upcoming duties on semiconductors and pharmaceuticals, significantly escalating the U.S. trade war. The announcement follows his warning to 14 key trading partners—including South Korea and Japan—that new tariffs will begin in early August. Trump also proposed a 10% tariff on goods from BRICS nations like Brazil and India, and hinted that the European Union will soon receive a similar tariff notice, despite ongoing trade talks with both China and the EU. The copper futures market surged over 10% after the news, reflecting copper’s critical role in EVs, military gear, and consumer electronics. Meanwhile, U.S. pharmaceutical stocks tumbled amid fears of a proposed 200% drug import tariff, though its implementation may be delayed up to a year. Trump claimed the moves would correct decades of economic “robbery,” while trade partners criticized the U.S. approach as erratic and difficult to negotiate with. With only two new trade deals finalized—Vietnam and the UK—experts warn of rising uncertainty. According to Yale’s Budget Lab, U.S. effective tariff rates have now surged to 17.6%, the highest since 1934. Treasury Secretary Scott Bessent stated that tariff revenues could hit $300 billion by year-end.
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Trump Imposes 50% Copper Tariff to Boost U.S. Production
President Donald Trump has announced a 50% tariff on copper imports, aiming to revive domestic production of the critical metal used in electric vehicles, military equipment, and power infrastructure. The announcement, made during a cabinet meeting, caused U.S. copper futures to spike over 12% to a record high. Commerce Secretary Howard Lutnick later stated the tariffs may take effect by late July or August 1, although no official proclamation has been issued. The decision follows a Section 232 investigation launched in February, which the Trump administration claims has now concluded. The U.S. currently imports about 50% of its copper needs and operates only three active smelters, making the country heavily dependent on external supply. Major exporters like Chile, Canada, and Mexico — all U.S. free trade partners — could be significantly impacted. Industry leaders have expressed concern over the potential strain on manufacturers reliant on copper, while some U.S.-based miners, such as Freeport-McMoRan, saw share prices rise. Analysts warn the tariff could spark short-term price volatility and global economic uncertainty, despite current high copper inventory levels in the U.S.
Trump’s Tariff Push Could Boost U.S. Revenue to $300 Billion by Year-End, Says Treasury Secretary
U.S. Treasury Secretary Scott Bessent announced that the federal government has collected approximately $100 billion in tariff revenue so far this year, with projections reaching as high as $300 billion by the end of 2025. The surge is driven by President Donald Trump’s aggressive tariff expansion, which began in Q2 with a universal 10% duty on nearly all imports, alongside steep increases on steel, aluminum, and automobiles. During a White House cabinet meeting on Tuesday (July 8), Bessent noted that May alone saw a record $22.8 billion in tariff income—almost quadrupling from $6.2 billion in the same month last year. The Congressional Budget Office projects $2.8 trillion in tariff revenue over the next decade, but Bessent believes this may be a conservative estimate. As Trump prepares to enforce new tariffs—including a 50% duty on copper and potential tariffs on semiconductors and pharmaceuticals starting August 1—Washington is bracing for a sharp rise in fiscal intake, with tariff receipts already exceeding $122 billion this fiscal year.