Trump says he will impose a 50% tariff for importing honey

President Donald Trump He said he would impose a 50% tariff on the import of copper on Tuesday and suggested that the duties specific to the sector be on the way.

“We make honey today,” Trump said during a cabinet meeting in the White House. “I believe the copper tariff, we will do it 50%.” He did not specifically say when this tariff would come into force.

Trump also said he would soon announce the tariffs “at a very, very high speed, like 200%” pharmaceutical importS

Pharmaceutical companies can have up to a year and a half to start producing their products in the United States before these new tariffs come into force, Trump added.

Honey Prices jumped at a record high after Trump’s abrupt message and ended the 13.12% trade day for the best one-day profit since 1989.

Copper shares Freeport-McMoranMeanwhile, it has increased by 5%as investors expect local manufacturers to benefit from the tariff.

Copper is the third most consumed metal behind iron and aluminum. US import almost half of the copper it uses, most of which come from Chile, according to data from US geological surveyS

Trump at the end of February ordered a probe In potential new copper rates on national security sites.

Trade Secretary Howard Luni told CNBC “Power lunch“Later Tuesday, this investigation is over.

“The idea is to bring honey at home, bring honey to home,” Luni said. He noted that Trump’s move would bring the copper rates in accordance with US duties on imports of steel and aluminumWho Trump doubled to 50% In early June.

Lutnik said he was expecting Trump to soon sign a proclamation to put the copper tariff by the end of July.

The new commercial messages about copper and pharmaceutical products are separate from the “reciprocal” tariffs that Trump revealed in early April, when he imposed a base 10% duty on imports from almost all other countries, as well as much higher percentages in dozens of individual countries.

Trump has repeatedly slows down the higher reciprocal tariffs to take effect. But on Monday, he sent a number of letters to dictate new tariff rates from 14 countries, including Japan, South Korea and Thailand.

These individualized tariff tariffs, which range from 25% to 40%, must come into force on August 1.

– Spencer Kimbol of CNBC has contributed to this report.