President Donald Trump made good on a threat to hike tariffs on imports from Brazil to a whopping 50% ahead of an Aug. 1 deadline for nations to strike trade deals with his administration or see their rates increase.
Trump also moved forward with a 50% tariff on copper products, including pipes, wires, cables and other electrical components, aimed at reducing what his administration described as an "unsustainable dependence" on foreign materials.
The president previously said he'd pursue the tariffs but signed documents on July 30 making them official, the White House said. The tariff on copper products will go into effect on Aug. 1.
Trump also directed Commerce Secretary Howard Lutnick to require that 25% of high-quality copper scrap that is produced in the United States be sold in America.
The White House cited national security concerns following a Section 232 trade investigation for the tariff on copper, which it said is the Defense Department's second-most used material. Copper is used in ships, submarines, missiles, aircraft and ammunition.
The Kremlin said on Wednesday it continues to monitor statements by US president Donald Trump regarding...
Arab and Muslim countries, including Saudi Arabia, Qatar, Egypt, Jordan and Turkey, signed a declaration Tuesday...
