Trump's Trade War Escalates with 50% Tariff on Copper Imports

President Donald Trump escalated his trade war efforts on Tuesday by announcing a 50% tariff on imported copper, alongside forthcoming tariffs on semiconductors and pharmaceuticals. The declarations have sent ripples through global markets, sowing instability and complicating international trade relations.

During a White House cabinet meeting, Trump affirmed that although trade discussions with the European Union and China are promising, he is poised to announce new tariffs on EU products. The tariff increases have impacted various markets, with copper futures surging over 10% and U.S. pharmaceutical stocks declining precipitously.

Many countries have expressed concerns over the arbitrary nature of these trade announcements. Trump claims significant revenue from tariffs, but partners like the EU and Japan are poised for potential retaliation should negotiations falter.

(With inputs from agencies.)