Trump says to impose 50% tariff on copper

NEW YORK - US President Donald Trump said Tuesday a new tariff of 50 percent will be imposed on all copper imported into the United States, but did not give a specific time when the new tariff will take effect.

At a Cabinet meeting Tuesday, Trump said: "I believe the tariff on copper, we're going to make it 50 percent," adding that he is still planning tariffs on select industries, including drugs, semiconductors and metals.

According to a CNBC report following the Cabinet meeting, Commerce Secretary Howard Lutnick said his department has finished the investigation into copper and he expected the new tariff "likely to be put in place end of July -- maybe August 1."

Trump also said on the same occasion that new tariffs as high as 200 percent might be put on foreign-made pharmaceutical products, but may not take effect in the near term for purposes of getting more companies to move to the United States.