Trade War Heats Up: Trump’s Copper, Tech Tariffs

United States President Donald Trump has intensified global trade tensions by announcing new tariffs on a wide range of imported goods, including copper, semiconductors, and pharmaceutical products. The move marks a significant escalation in the ongoing trade war with major international partners.

According to reports, Trump disclosed via his social media platform, Truth Social, on Tuesday night that “a minimum of seven” new tariff notices would be released by Wednesday morning, with more to follow later in the day. Although he did not name the countries targeted, he warned of additional levies in the near future.

The measures include a 50 percent tariff on imported copper and upcoming duties on semiconductor and pharmaceutical imports. This announcement followed the issuance of tariff letters to 14 trading partners, including Japan and South Korea, outlining new duties starting from 25 percent and effective August 1.

On Wednesday, the Trump administration expanded the list with another round of tariff letters sent to six more countries. These include Algeria (30 percent), Brunei (25 percent), Iraq (30 percent), Libya (30 percent), Moldova (25 percent), and the Philippines (20 percent).

Despite the aggressive tariff measures, global equity markets remained largely stable. The Japanese yen, however, continued to weaken following the new duties on Japanese exports.

Trump defended the tariffs as a major revenue source for the U.S. Treasury. Treasury Secretary Scott Bessent stated that approximately $100 billion has already been collected and projected that total tariff revenue could reach $300 billion by year-end. A U.S.-based research group, Yale Budget Lab, estimated that the effective tariff rate on U.S. consumers has increased from 15.8 percent to 17.6 percent, the highest level since 1934.

Amid the escalation, Trump hinted at positive developments in trade talks, noting that discussions with China and the European Union were “going well.” He added that the EU had become “much more cooperative” and promised to communicate a proposed tariff rate on EU exports within the next two days.

EU trade chief Maros Sefcovic told lawmakers that progress had been made on a framework trade agreement, which could be finalized in the coming days. The U.S. has extended its deadline for EU negotiations to August 1 to allow more time for an agreement.

Italian Economy Minister Giancarlo Giorgetti expressed concern over the talks, calling them “very complicated” and warning they may stretch to the last minute before the deadline.

Massachusetts Governor Maura Healey criticized the new wave of tariffs, calling it a “failed trade war” that burdens consumers and businesses with rising costs.

Trump’s administration had previously promised “90 deals in 90 days” after initiating the country-specific tariffs in April. Thus far, deals have only been finalized with the United Kingdom and Vietnam, while negotiations with India remain ongoing.

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