(Image source from: Bbc.com)
Donald Trump has announced that he will issue an order this week to impose a 50 percent tax on copper imports. This new fee aligns with the current rates on steel and aluminum, which he believes will support American factories. "Today we are addressing copper," he mentioned during a cabinet meeting, signaling advancements in an ongoing investigation into the metal's imports. Manufacturers have experienced job losses while Trump has been in office, but he claims that these tariffs are necessary to turn this situation around. He is also looking at the pharmaceutical sector. Trump informed his Cabinet that he plans to impose tariffs on drug imports “at a very, very high rate, like 200%. ”He mentioned allowing businesses about eighteen months before the new regulations come into effect. Additionally, President Trump revealed intentions to focus on the pharmaceutical industry with tariffs, though he noted that these tariffs would not be immediate.
"We will provide people about a year, a year and a half to prepare, and after that, tariffs will apply," Trump stated during a cabinet meeting. He also mentioned, "They'll incur tariffs at a very, very high rate, like 200 percent. We are giving them a period to sort things out." This grace period aims to enable pharmaceutical companies to move their operations to the United States. The proposed tariffs on copper and pharmaceuticals would be over and above the current 10 percent tax that applies to nearly all US trading partners. The Trump administration has already enforced taxes on steel, aluminum, and cars this year. Trade tensions may escalate beyond copper and pharmaceuticals.
Trump indicated that letters were sent recently to 14 foreign leaders, warning them of new tariffs.
He noted that some countries might face import taxes as high as 70 percent. "It's a better system," Trump stated. "It's a more effective approach. And we send you a letter. You look at the letter. I believe it was well-written. "These letters signify the conclusion of a 90-day negotiation period Trump initiated to compel discussions with nations he thinks undermine American interests".
The president targeted renewable energy once more, describing wind energy as expensive and unreliable.
“We require sources that can energize our plants, and wind isn't one of them,” Trump stated. He contended that windmills spoil the landscape and only provide power when it is windy. Trump suggested that nations avoiding wind and solar energy are “smart” and praised the USA for favoring traditional energy sources, particularly coal. He is focused on maintaining the USA dollar as the leading currency in the world. He cautioned that if the dollar lost its prominent position globally, it would be catastrophic.
Speaking strongly, he remarked: “It would feel like losing a war, a significant world conflict.
Our country would not be the same anymore.And we will not allow that to occur”.
To support this stance, Trump proposed a 10 percent tax on BRICS nations looking to find ways around the dollar. “I’m simply saying, if people want to challenge that, they can, but they’ll have to pay a hefty price,” he mentioned. “And I doubt any of them are ready to pay that price”. Trump stood by Attorney General Pam Bondi after fresh inquiries arose about how the Justice Department dealt with the Jeffrey Epstein situation. When a reporter pressed Bondi during the Cabinet meeting, Trump interrupted, stating that asking about “a person discussed for years” was a “disgrace” given the pressing issues like severe flooding in Texas. Bondi had previously told Fox News that a list of clients was “on my desk,” but this week she clarified that she referred to the larger Epstein file.
When questioned about Russia’s conflict in Ukraine, Trump did not hold back his views. While speaking at the Cabinet meeting, he remarked that Vladimir Putin is “causing many deaths” on both sides. When asked if he was considering new actions, Trump responded, “I wouldn’t reveal that to you.” He acknowledged that the war has proven to be more challenging than anticipated. Federal Reserve Chair Jerome Powell is once again in Trump’s sights. Trump stated he would back Congress in investigating Powell for allegedly lying under oath. “I find him awful,” Trump expressed frankly. He demands Powell step down, asserting that the Fed has not lowered interest rates quickly enough as new tariffs take effect.
