President Donald Trump said he planned to implement a 50% duty on copper imports as part of a set of looming sectoral tariffs, while also indicating he could offer pharmaceutical manufacturers at least a year before applying a crippling 200% tariff on their foreign-made products.

WASHINGTON (Reuters) -President Donald Trump said he will announce a 50% tariff on imported copper on Tuesday, an effort to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods. U.S. Comex copper futures jumped more than 10% after the announcement.

President Donald Trump said a new 50% tariff on all copper imports will come Tuesday. However, he did not specify when the new tariff would take effect.

President Donald Trump has threatened to impose a 10 percent tariff on any country aligned with the BRICS bloc, delivering a potential economic blow to Russia.

President Donald Trump continued to express his displeasure with Russian President Vladimir Putin on July 8 and said he was open to sanctioning him.

The Indian rupee is likely to open marginally higher on Tuesday, helped by the calm in Asian markets despite U.S. President Donald Trump imposing higher tariffs on South Korea and Japan among others.

President Trump announced potential trade deal with India amidst imposing reciprocal tariffs on several nations, including allies like Japan and South Korea. While India is spared from these tariffs,

Donald Trump administration announced a 25 per cent tariffs on Japan, South Korea, Kazakhstan, Malaysia, Tunisia. US announced 30 per cent on South Africa, Bosnia and Herzegovina and 32 per cent on Indonesia.