US President Donald Trump has called for a 50% increase in tariffs on copper mineral trade during a cabinet meeting at the White House. He warned that tariffs could reach up to 200% for sectors like semiconductors and medical products.

Trump stated, “It’s time for the US to collect its money from countries that have been ripping it off,” adding that he may soon send a tariff letter to the EU and reintroduce a 10% tariff on BRICS nations.

Following the announcement, US copper futures rose 10%, and pharmaceutical stocks jumped amid reports the 200% medical tariff could be delayed for a year.

The Yale Budget Lab noted US tariffs have reached a 90-year high at 17.6%. The EU, aiming to shield key exports, is seeking a deal before August 1.