US President Donald Trump's trade tariff continues, with him slamming the BRICS grouping, which includes India, and announcing 50% tariffs on copper, India's major export to the US.
India is hoping for a trade deal that will offset or remove some of these levies; negotiations have been ongoing for several weeks; however, Trump also stated on Tuesday that pharmaceutical tariffs could rise to 200 percent. He added that he would wait a year to raise tariffs to that level.
Key Highlights
- Trump imposing 50% copper tariffs and warning 200% pharmaceutical duties—India’s exports to US significantly threatened.
- Indian rupee weakened, equity and pharma markets pressured, amid tariff panic and trade deal uncertainty.
Pharma, or medicines, is a major export sector for India, with manufacturing hubs in Himachal Pradesh and Telangana, among others.
The United States is, in fact, India's largest export market for medicines, with $9.8 billion in 2024-25, more than 20% higher than the previous fiscal year. The US accounts for 40% of India's total pharmaceutical exports, according to the Indian Express.
India's exports of copper, which is used in technology, construction, and other key industries, were $2 billion in 2024-25, with the US accounting for $360 million, or about 17%, according to IE.
"If they have to bring the pharmaceuticals into the country, they will be tariffed at a very high rate, like 200 percent." "We'll give them some time to get their act together," Trump said, referring to non-US manufacturers.
According to his statement, with the exception of the pharmaceutical sector, the remaining tariffs could go into effect as early as August 1.
Also Read: Trump's Tarriff List: 14 Countries Hit, New Rates and Key Export to the US
Trump slams BRICS again
The US president reiterated his dislike for BRICS, which currently has 11 members: Brazil, Russia, India, China, and South Africa, as well as Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.
These countries will face a 10% tariff, Trump said, claiming that the group was formed to "hurt" the US and "degenerate" the dollar.
"That's fine; if they want to play their game, I'll play it too. So anyone who is a member of BRICS will be charged a 10% fee," Trump stated.
