President Donald Trump intensified his aggressive trade agenda on Tuesday, July 8, 2025, unveiling a 50% tariff on imported copper and signaling imminent duties on semiconductors and pharmaceuticals. The sweeping measures are part of what the administration describes as a determined push to “collect money” from nations the president accuses of exploiting U.S. trade policy.
Speaking at a cabinet meeting in the White House, Trump also revealed plans for up to 200% tariffs on imported drugs, although those could be delayed by up to a year. He further confirmed that additional tariff notifications—at least seven—are expected to be issued on Wednesday, covering a wide range of goods from multiple countries.
The announcements sent shockwaves through financial markets. U.S. copper futures surged more than 10%, while pharmaceutical shares dropped significantly amid fears of rising costs and operational disruption in the sector.
Trump doubled down on his earlier threats to impose a 10% universal tariff on imports from BRICS nations, including Brazil and India. He also said that warning letters had recently been sent to 14 key trade partners, such as Japan and South Korea, raising concerns about further retaliatory actions. Although he noted ongoing negotiations with China and the European Union, Trump hinted that the EU should prepare for its own tariff announcement “within days.”
“It’s about time the United States of America started collecting money from countries that were ripping us off,” Trump said. “They were laughing behind our back at how stupid we were.”
The administration had previously vowed to finalize “90 deals in 90 days” following its tariff rollout in April. However, only two deals—one with the United Kingdom and another with Vietnam—have been confirmed, with a third agreement involving India reportedly close.
The newly announced copper tariffs—which affect a critical material for electric vehicles, defense manufacturing, and infrastructure—follow earlier levies on steel, aluminum, and automobiles. While Trump did not specify when the new tariffs will take effect, their economic impact is expected to be substantial.
According to the Yale Budget Lab, the U.S. effective tariff rate has now climbed to 17.6%, marking its highest level since 1934, up from 15.8% earlier this year.
Treasury Secretary Scott Bessent reported that tariff revenue collected so far in 2025 has reached $100 billion, with projections exceeding $300 billion by year-end should the trade measures continue as planned.
“The big money will start coming in on August 1,” Trump declared, referencing the next round of broad-based 10% tariffs and country-specific increases.
As the August deadline approaches, several major U.S. trading partners are scrambling to negotiate exemptions or compromises. The European Union, in particular, is working to strike a deal that could include concessions on aircraft, medical devices, and alcohol, while protecting EU carmakers based in the U.S.
However, German Finance Minister Lars Klingbeil warned,
“If we don’t reach a fair trade deal with the US, the EU is ready to take countermeasures.”
Japan, facing a 25% tariff, is seeking relief for its automotive sector, while South Korea, which is also targeted, said it would “intensify” negotiations to avoid harsh economic fallout.
Targeted Tariffs by Country:
Trump listed the following planned tariff hikes:
- 25%: Tunisia, Malaysia, Kazakhstan
- 30%: South Africa, Bosnia and Herzegovina
- 32%: Indonesia
- 35%: Serbia, Bangladesh
- 36%: Cambodia, Thailand
- 40%: Laos, Myanmar
Despite escalating tensions, Trump expressed optimism about U.S.-China trade relations, pointing to recent dialogue with President Xi Jinping and a tentative framework reached in June.
“We have had a really good relationship with China lately,” Trump said. “They’ve been very fair on our trade deal, honestly.”
Yet with an August 12 deadline looming for several pending deals, analysts remain skeptical about long-term outcomes. Many warn that the scale and unpredictability of the tariff regime are undermining global confidence, worsening market instability, and placing strain on diplomatic ties at a time when the global economy is still in recovery mode.
