In a significant development in U.S. trade policy, President Trump has confirmed that a 50% tariff on copper imports will take effect on August 1. This announcement has already led to soaring copper prices, hitting record highs in the U.S. while causing ripples throughout the global copper market. The tariff is part of a larger strategy that could see future tariffs imposed on pharmaceuticals as well, with projected rates as high as 200%. Industry experts warn that such tariffs could raise costs for appliances and electric vehicles, impacting a wide array of goods. Additionally, mining stocks have surged in reaction to the announcement, and countries like Chile and Mexico are exploring new markets in light of the impending tariffs. The implications of these tariffs are expected to reverberate through various sectors, as both analysts and market participants brace for the potential consequences.