Latest news with #TradeExpansionAct
Yahoo
a day ago
- Business
- Yahoo
Trump Says Drug Tariffs Probable by Aug. 1, Downplays More Deals
(Bloomberg) -- President Donald Trump said he was likely to impose tariffs on pharmaceuticals as soon as the end of the month and that levies on semiconductors could come soon as well, suggesting that those import taxes could hit alongside broad 'reciprocal' rates set for implementation on Aug. 1. The Dutch Intersection Is Coming to Save Your Life Advocates Fear US Agents Are Using 'Wellness Checks' on Children as a Prelude to Arrests LA Homelessness Drops for Second Year Manhattan, Chicago Murder Rates Drop in 2025, Officials Say 'Probably at the end of the month, and we're going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we're going to make it a very high tariff,' Trump told reporters Tuesday as he returned to Washington after attending an artificial intelligence summit in Pittsburgh. Trump also said his timeline for implementing tariffs on semiconductors was 'similar' and that it was 'less complicated' to impose levies on chips, without providing additional detail. At a Cabinet meeting earlier this month, Trump said he planned to impose a 50% tariff on copper in the coming weeks, and that he expected pharmaceutical tariffs to grow as high as 200% after giving companies a year to bring manufacturing back to the US. Trump has already announced investigations under Section 232 of the Trade Expansion Act of 1962 on drugs, arguing a flood of foreign imports was threatening national security. Still, any tariffs could immediately impact drugmakers like Eli Lilly & Co., Merck & Co. and Pfizer Inc. that produce drugs overseas — and risks driving up costs for US consumers. So does Trump's plans for semiconductor tariffs, which are expected to hit not only the chips themselves but popular products like Apple Inc. and Samsung Electronic Co. laptops and smartphones. The threat came as Trump in recent days has sent letters to a number of trading partners unilaterally dictating the rates for tariffs on many imports — while maintaining he would continue to carry out negotiations. Earlier Tuesday, Trump announced an agreement with Indonesia reducing the 32% rate announced in one of the letters to 19%. Indonesia agreed to purchase $15 billion in US energy, $4.5 billion worth of agricultural products and 50 Boeing Co. jets as part of the agreement, the US said. Trump on Tuesday predicted that he could strike 'two or three' trade deals with countries before implementing his so-called reciprocal tariffs before they are implemented on Aug. 1, saying that an agreement with India was among the most likely. Trump told reporters the US was engaged in substantive discussions with between five and six countries, but that he wasn't necessarily inclined to finalize agreements over simply dictating a tariff rate. 'I would say India, and we have a couple of others, but I have to tell you, for the most part, I'm very happy with the letters,' Trump said. The president also said that he was likely to impose a standard tariff of 'probably a little over 10%' on smaller countries that did not receive tailored rates. Earlier Tuesday, Trump said representatives from the European Union — which faces a 30% tariff — would be meeting with US negotiators this week. After returning from Pittsburgh, Trump said that while some countries had indicated a willingness to 'open' trade after his threats — including South Korea — others, like Japan, had not. Trump also dismissed concerns that his threat earlier in the week to impose 'secondary' tariffs on Russian trading partners if Moscow did not agree to a ceasefire with Ukraine could impact US consumers, even as experts warned the president risked driving up energy costs with his plan. 'I don't think so. I think that whole thing is going to go away,' Trump said. Forget DOGE. Musk Is Suddenly All In on AI How Starbucks Is Engineering a Turnaround With Warm Vibes and Cold Foams How Hims Became the King of Knockoff Weight-Loss Drugs Thailand's Changing Cannabis Rules Leave Farmers in a Tough Spot The New Third Rail in Silicon Valley: Investing in Chinese AI ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Engadget
2 days ago
- Business
- Engadget
US probes imports on drones and a raw material used in chips and solar panels
The Department of Commerce has opened national security investigations into imports of drones and polysilicon , a raw material used in chips and solar panels. Among other things, officials are looking into "predatory trade practices" and the capacity of other countries to "weaponize their control over supplies" of drones, drone parts and polysilicon, as well as derivatives of each. The DoC commenced the investigations on July 1, but has only just disclosed them publicly. The probes could lead to the US imposing yet more tariffs on imports, which would drive up prices of drones and products that use polysilicon. Per notices that are being published in the Federal Register, officials will consider "whether additional measures, including tariffs or quotas, are necessary to protect national security." President Donald Trump has used the same legal process as these investigations to apply tariffs to imports of steel and aluminium (50 percent), cars and car parts (25 percent) and copper (50 percent as of August 1). There are other investigations underway into the likes of semiconductors , consumer electronics, aerospace components and pharmaceuticals. They're being conducted under Section 232 of the Trade Expansion Act. According to The Financial Times , China is the leading market for polysilicon manufacturing. Around three quarters of all commercial drones are said to be manufactured in the country too. Under the Biden administration, the US increased tariffs on solar wafers and polysilicon imports from China to 50 percent at the start of 2025. DJI also faces a potential ban in the US.
Bloomberg
2 days ago
- Business
- Bloomberg
Trump Launches Investigation of Drones, Setting Stage for Tariffs
The US Commerce Department launched investigations into imports of drones, parts for unmanned aerial vehicles and for polysilicon, a key material for solar power, setting the stage for possible tariffs on those goods. The probes were launched on July 1 under Section 232 of the Trade Expansion Act, the latest use of that authority by President Donald Trump to review and impose sectoral-specific tariffs into industries deemed critical to national security.
Straits Times
6 days ago
- Business
- Straits Times
Trump's copper tariffs set to include products for power grids, data centers
Sign up now: Get ST's newsletters delivered to your inbox Copper is used in everything from consumer electronics and automobiles to construction and the military. US President Donald Trump's plans to impose 50 per cent import tariffs on copper imports are set to include the kinds of materials used for power grids, the military and data centers. Plans involve including semi-finished products, according to people familiar with the matter who asked not to be named as discussions are private. That comes as few details of Mr Trump's plans for copper tariffs have been revealed so far. The tariff measures have not yet been formalised and they could change. It has been widely expected that refined copper would be tariffed, but it was unclear what would happen with semi-finished products – a category that includes wires, sheets, tubes and plates. Including semi-fabricated goods would ramp up the impact of the levies. Copper on Comex in New York rose as much as 1.3 per cent in early Asia trading on July 11 . The levies, which Mr Trump said will come Aug 1, will have far-reaching impacts for the US. The move is expected to raise costs across a swath of the US economy due to the myriad of industries and applications reliant on the metal. Copper is used in everything from consumer electronics and automobiles to construction and the military. Mr Trump is pursuing the tariffs as part of his effort to bolster America's copper supply chain, which encompasses mining, refining and processing, recycling and making semi-finished goods and end products. The biggest category imported by the US is refined copper, which has a metal content of more than 99.993 per cent. The US imported 908,000 metric tons i n 2024 , with that raw material consumed by fabricators to make rods, cables and alloys. North America's biggest fabricator is Southwire Co., which supplies wires for US military installations and naval vessels. Southwire did not immediately respond to a request for comment. The Copper Development Association describes copper semi-products as the key link in the US military-industrial supply chain in its March 31 submission to the US Commerce Department for this year's copper investigation under Section 232 of the Trade Expansion Act. The industry group presented its comments on behalf of 90 per cent of US copper semi-producers. Domestic copper production is not enough for the US – forcing the country to source a significant amount of semi-finished copper from abroad. An estimated 800,000 tons of copper and copper alloy semi-fabricated products were imported in 2024, on top of refined copper, according to MM Markets, a consultancy working with American fabricators and recyclers. Ms Krisztina Kalman, the co-founder of the firm, expects the 50 per cent tariff to extend to semi-products for security reasons. Any disturbance in foreign supply of copper and semi-finished products could expose the US to significant issues in delivering electricity, she said. Imposing tariffs on semi-finished copper could also bring disruption to fabricators, since wire rod mills rely on primary imports and levies would drive up their costs. 'The local fabricators will not be able to produce 800,000 tons more semi-products with current capacity, and it could take up to seven years to install new capacity,' Ms Kalman said. BLOOMBERG
Time of India
09-07-2025
- Business
- Time of India
India to discuss impact of US tariff on copper, mines minister Kishan Reddy says
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India will discuss the impact of U.S. tariff on copper, mines minister Kishan Reddy said at an event in New Delhi on President Donald Trump has announced a 50% tariff on copper imports, expanding his administration's aggressive trade measures already in place on steel and aluminium.'Today we're doing copper. I believe the tariff on copper—we're going to make it 50%,' Trump said during a cabinet meeting on announcement sent global copper prices soaring by over 10%, although they later eased slightly, according to a Yahoo Finance report. The proposed tariff is expected to be implemented by the end of July or on August 1, according to US Commerce Secretary Howard Lutnick, who confirmed the development shortly after the President's move concludes an investigation by the US Commerce Department that began in February under Section 232 of the Trade Expansion Act. With this, copper joins steel and aluminium in attracting 50% tariffs under Trump's broader push for what he calls 'reciprocal' trade of Hindustan Copper were under pressure on Wednesday, falling as much as 3.5% to hit their day's low of Rs 264.10 on the BSE. Meanwhile, the shares of Vedanta slipped 1.3% to Rs also hinted at further tariffs, including a potential 200% levy on pharmaceutical imports after a grace period of 12 to 18 months, giving companies time to realign their supply chains. He said additional announcements related to pharmaceutical drugs and computer chips would be made soon.
