50% tariffs on copper, up to 200% on pharma? Check Trump's latest announcement

Reacting to the announcement, U.S. Comex copper futures jumped more than 12% to a record high.

Moreover, Trump threatened to impose 200% tariffs on drug imports after a transition period that could last more than a year.

“We’ll be announcing something very soon on pharmaceuticals,” he said, increasing pressure on the sector. “We're going to give people about a year, year and a half to come in, and after that they’re gonna be tariffed if they have to bring the pharmaceuticals into the country at a very high rate, like 200 per cent," The Financial Times reported.

US President Donald Trump sent letters to 14 countries Monday, July 7, outlining higher tariffs they'll face if they don't make trade deals with the US by August 1.

In the letters, which were posted on Truth Social, Trump warned countries that they would face even higher tariffs if they retaliated by increasing their own import taxes.

Myanmar

Tariff rate: 40%

Key exports to the US: clothing, leather goods, seafood

Response: Maj Gen Zaw Min Tun, the spokesperson for Myanmar's military government, said the government will follow up with negotiations.

Laos

Tariff rate: 40%

Key exports to the US: shoes with textile uppers, wood furniture, electronic components, and optical fibre

Cambodia

Tariff rate: 36%

Key exports to the US: textiles, clothing, shoes, and bicycles

Response: Cambodia's chief negotiator, Sun Chanthol, said the country successfully got the tariff dropped from the 49% Trump announced in April to 36% and is ready to hold a new round of negotiations. He appealed to investors, especially factory owners, and the country's nearly 1 million garment workers not to panic about the tariff rate announced Monday.

Thailand

Tariff rate: 36%

Key exports to the US: computer parts, rubber products and gemstones.

Response: Thailand's Deputy Prime Minister Pichai Chunhavajira said Thailand will continue to push for tariff negotiations with the United States. Thailand on Sunday submitted a new proposal that includes opening the Thai market for more American agricultural and industrial products and increasing imports of energy and aircraft.

Bangladesh

Tariff rate: 35%

Key export to the US: Clothing

Response: Bangladesh's finance adviser Salehuddin Ahmed said Bangladesh hopes to negotiate for a better outcome. There are concerns that additional tariffs would make Bangladesh's garment exports less competitive with countries like Vietnam and India.

Serbia

Tariff rate: 35%

Key exports to the US: software and IT services; car tyres

Indonesia

Tariff rate: 32%

Key exports to the US: Palm oil, cocoa butter, semiconductors

Bosnia and Herzegovina

Tariff rate: 30%

Key exports to the US: Weapons and ammunition

South Africa

Tariff rate: 30%

Key exports to the US: platinum, diamonds, vehicles and auto parts

Response: The office of South African President Cyril Ramaphosa said in a statement that the tariff rates announced by Trump mischaracterised the trade relationship with the US, but it would “continue with its diplomatic efforts towards a more balanced and mutually beneficial trade relationship with the United States” after having proposed a trade framework on May 20.

Japan

Tariff rate: 25%

Key exports to the US: Autos, auto parts, electronics

Response: Japanese Prime Minister Shigeru Ishiba called the tariff “extremely regrettable” but said he was determined to continue negotiating. Ishiba said Trump's tariff rate is lower than the levels he had threatened earlier and opens the way for further negotiations.

Kazakhstan

Tariff rate: 25%

Key exports to the US: Oil, uranium, ferroalloys and silver

Malaysia

Tariff rate: 25%

Key exports to the US: Electronics and electrical products

Response: Malaysia's government said it will pursue talks with the US. A cabinet meeting is scheduled for Wednesday.

South Korea

Tariff rate: 25%

Key exports to the US: Vehicles, machinery, electronics

Response: South Korea's Trade Ministry said early Tuesday that it will accelerate negotiations with the United States to achieve a deal before the 25% tax goes into effect.

Tunisia

Tariff rate: 25%

Key exports to the US: Animal and vegetable fats, clothing, fruit and nuts.