US President Donald Trump announced a 50% tariff on copper imports on Tuesday. This move follows earlier tariffs he placed on steel and aluminum. Moreover, Trump warned that tariffs on imported medicines could rise to 200% after a year.
India’s Copper and Pharma Trade Could Take a Hit
As a result, India may face trade challenges. During 2024–25, India exported $2 billion worth of copper products globally. Out of that, $360 million, or 17%, went to the United States.
Furthermore, the U.S. is India’s biggest market for pharmaceuticals. India’s drug exports to the U.S. grew to $9.8 billion in FY25, rising 21% from the previous year’s $8.1 billion. Currently, the U.S. accounts for 40% of India’s total pharma exports.
More Tariffs Coming on Medicines and Chips
In addition, Trump said he plans to impose new tariffs on imported semiconductors and pharmaceuticals. However, he added that companies would get some time to adjust.
“We’re going to give people about a year, a year and a half to come in and, after that, they’re going to be tariffed,” Trump stated during a Cabinet meeting at the White House.
Therefore, foreign drugmakers and chip producers will have up to 18 months to prepare for these new duties.