President Trump said Wednesday the U.S. would impose a 50% tariff on copper imports beginning August 1, as he threatened a new wave of tariffs on seven more countries. These include tariffs of 20% on the Philippines and 30% for Libya and Iraq, unless they can make a deal with his White House before the end of the month. With the latest threats, Trump has given 22 countries until the end of July to make a deal.
Trump slapped the steepest levy on Brazil, partly in retribution for what Trump called a “witch hunt” against former President Jair Bolsonaro, who’s currently facing trial for attempting a coup after losing the election to Luiz Inácio Lula da Silva in 2022. In response, President Lula rejected any “interference or threats” by the U.S.
Only two countries so far — Vietnam and the U.K. — have struck trade deals with Trump ahead of his August 1 deadline. The EU this week said it hopes to agree on a deal “in the coming days.”
