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- Hey Square fam! How many Alpha points have you racked up lately?
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Dare to trade. Dare to win.
The United States announced a 50% tariff on copper, and Trump hinted that more unilateral trade measures will be introduced.
On July 9, during a cabinet meeting, U.S. President Trump told reporters that more trade agreements are on the way, especially in the form of letters setting tariffs unilaterally by the U.S. "These agreements are basically me making demands on them," Trump said, "The numbers we selected are both low and fair."
Trump added that the United States will impose a new 50% tariff on imported copper. "Today we are targeting copper. I think we will set the copper tariff at 50%." New York copper futures reacted sharply, with intraday gains expanding to 17%.
In addition, Trump stated that the United States will soon impose tariffs of up to 200% on drugs, but companies will have a year and a half to adjust their supply chains before the tariffs take effect. Trump also mentioned that he will soon announce tariffs on semiconductors, but he did not specify the level or date of the tariffs.