Trump's tariffs fully ramped up? Media reports that tariffs on multiple industries will arrive before August 1, covering up to 70% of imports from one country

Recent news indicates that U.S. President Donald Trump's tariff war may escalate significantly, with August 1 not only being the effective date for the newly set reciprocal tariffs but also the deadline for announcing tariffs on a large number of industries.

On July 18, Eastern Time, media reports cited sources saying that officials from the Trump administration might announce detailed plans for a 50% copper tariff a few days before August 1. Following copper, the Trump team discussed sequentially announcing tariffs on lumber, chips, critical minerals, and pharmaceuticals, but the timing has not been finalized and may be adjusted.

So far, the Trump administration has only implemented a 25% tariff on automobiles and parts effective May 3, as well as a steel and aluminum tariff that was doubled more than a month ago. According to Xinhua News Agency, the White House announced that starting June 4, the tariff on steel and aluminum products imported from all trading partners except the UK would be raised from the current 25% to 50%.

According to CCTV News, on July 9, last Wednesday, Trump announced on a social media platform that after receiving a strict national security assessment report, he would impose a 50% tariff on copper, effective August 1, 2025. Since then, until this Friday, the U.S. government has not disclosed the details of the copper tariff.

This Friday, media learned that once Trump's industry tariffs are fully implemented, the total tariffs across all industries could cover 30% to 70% of U.S. imports from other countries, with most of the remaining imports not affected by industry tariffs likely facing tariffs targeting specific countries.

Information from the U.S. Department of Commerce shows that after Trump took office, the department, under Section 232 of the Trade Expansion Act of 1962, initiated investigations on copper and lumber starting March 10, on semiconductors and chip manufacturing equipment, pharmaceuticals and drug ingredients starting April 1, on heavy trucks, processed critical minerals and derivatives starting April 22, on business aircraft and aircraft engines starting May 1, and on polysilicon and derivatives, drones and parts starting July 1.

From the list of investigations under Section 232, it appears that, aside from copper, the aforementioned products could become targets of industry tariffs from the Trump administration.

Pharmaceutical Industry Faces Threat of Up to 200% Tariffs

Last Tuesday, Trump stated that he would soon impose tariffs of up to 200% on pharmaceuticals but would give pharmaceutical companies about one to one and a half years to adjust and move their supply chains back to the U.S. before the tariffs take effect. This Tuesday, Trump mentioned that pharmaceutical tariffs might be introduced by the end of this month.

U.S. Secretary of Commerce Gina Raimondo stated last Monday that the phased implementation period for pharmaceutical tariffs could last two years.

This Friday, media reports indicated that a draft document showed that the tariffs on the pharmaceutical industry would focus on 80 to 90 types of essential generic drugs, as well as specialty chemicals and precursors. Tariffs on generic drugs could impact companies with thin profit margins, such as Teva Pharmaceutical Industries and Sandoz Group. If the tariffs also cover branded drugs like the weight-loss drug Ozempic and the cancer drug Keytruda, it would affect major pharmaceutical companies like Eli Lilly, Merck, and Pfizer

Semiconductor Tariffs "Not Too Complicated" but Have Far-Reaching Effects

On Tuesday, Trump stated that the timeline for introducing chip tariffs is "similar" to that of drug tariffs and that it is "actually not too complicated."

According to CCTV, on April 12, the U.S. government released a related memorandum exempting "reciprocal" tariffs on certain products such as computers, smartphones, semiconductor manufacturing equipment, and integrated circuits.

From the statements of the Trump administration, the exemption for semiconductor tariffs allows the government time to formulate separate tariffs. Lutnick subsequently indicated that tariffs would be imposed separately on semiconductors. Media outlets believe that the broad range of exempted products suggests that many other goods may be impacted in the future.

According to public comments from an investigation launched in April, technology companies, automobile manufacturers, shipbuilders, and cryptocurrency enthusiasts have expressed dissatisfaction with the potential tariffs on the aforementioned exempted products. Such tariffs would not only impact the chips themselves but also affect popular products like smartphones and laptops from Apple and Samsung. This has even led Tesla to unite with traditional competitors General Motors and Ford in expressing reservations about the tariffs.

Copper Tariffs Have a Wide Impact

On Friday, media reports indicated that copper tariffs would include all refined metals as well as semi-finished products used in power grids, data centers, and military applications. The results of the Section 232 investigation into imported copper products, which began in March, could have a significant impact on consumer prices, as this metal is widely used in automobiles, construction materials, household appliances, and many other products.

According to China News Network, when Trump announced the imposition of copper tariffs starting August 1 last week, he stated that copper is essential for semiconductors, airplanes, ships, ammunition, data centers, lithium-ion batteries, radar systems, missile defense systems, and even hypersonic weapons.

Lawmakers Urge at Least 60% Tariff on Wood Products

The Trump administration's Section 232 investigation into wood is independent of the current tariffs on Canadian lumber. Trade lawyer Luke Meisner mentioned in a discussion on Wednesday that the wood investigation is expected to be completed before the end of this summer.

More than a dozen U.S. lawmakers have urged the Department of Commerce to impose at least a 60% tariff on imported wood products such as cabinets and sinks. Some lawmakers have even called for a 100% tariff on cabinets.

Difficulty in Imposing Tariffs on Critical Minerals

On Friday, media reports revealed that the investigation into critical minerals faces significant challenges.

The media pointed out that the Trump administration has taken several measures to accelerate domestic mineral extraction and processing to reduce dependence on other countries. However, in the short term, there are almost no domestic industries that can be protected by tariffs. The U.S. has only one company operating rare earth mines and processing businesses. The country still relies on imports, and tariffs could lead to supply shortages.

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