Trump plans to impose a 50% tariff on imported copper, causing copper prices to skyrocket.

President Trump said to reporters during a cabinet meeting on Tuesday that more trade agreements are coming, especially in the form of letters with unilateral tariff rates set by the United States. "These agreements are basically me making demands on them," Trump said. "The numbers we have chosen are both low and fair." Trump added that the U.S. will impose a 50% new tariff on imported copper. "Today we are targeting copper. I think we will set the copper tariff at 50%," he said. New York copper futures surged in response, with an intraday increase of up to 17%. In addition, Trump also said the U.S. will soon impose tariffs on pharmaceuticals and chips, but did not disclose further details. Trump stated, "We will soon announce policies regarding the pharmaceutical industry, and I will give one to one and a half years to implement," and threatened to impose a 200% tariff on the pharmaceutical industry.