Trump Imposes, Strengthens Tariffs on 1 Year Anniversary of Liberation Day

President Donald Trump imposed pharmaceutical tariffs and strengthened steel, aluminum, and copper tariffs on Thursday, the one-year anniversary of his worldwide “Liberation Day” tariffs.

Trump imposed a 100 percent tariff on patented pharmaceutical ingredients and products, as well as a 50 percent tariff on goods that are either fully or close to fully aluminum, steel, or copper. Both sets of duties are imposed through proclamations and are Section 232 tariffs.

The pharmaceutical tariffs will take effect for larger companies in 120 days and for smaller companies in 180 days, according to a White House fact sheet.

Companies that agree to Most-Favored-Nation (MFN) deals and enter onshoring agreements with the United States will not pay tariffs until the start of the next presidential administration.

“For companies that only enter into onshoring agreements with the Department of Commerce, a 20% tariff will apply.The Department of Commerce and HHS will provide pathways for companies to enter into onshoring and MFN pricing deals with the U.S. Government,” the fact sheet states.

Pharmaceutical products from certain countries will face a 15 percent tariff, while those from the United Kingdom will face a lower duty.

“If a pharmaceutical product is from the European Union, Japan, Korea, or Switzerland and Liechtenstein, a 15% tariff will apply,” the fact sheet notes. “If a pharmaceutical product is from the United Kingdom, a lower tariff will apply, subject to the recently concluded UK pharmaceutical agreement.”

The pharmaceutical tariffs come following a Section 232 investigation by Commerce Secretary Howard Lutnick.

Trump’s steel, aluminum, and copper proclamation “defines the way that tariffs are assessed, ensuring that they reflect the full value of imported steel, aluminum, and copper products—not an artificially low foreign price,” according to the White House.

The proclamation imposes a 50 percent duty on products that are entirely or almost entirely comprised of the three metals, while derivative products with substantial amounts of steel, aluminum, and copper will face a 25 percent rate.

“Certain metal-intensive industrial equipment and electrical grid equipment will pay 15% through 2027, to accelerate the massive industrial base buildout currently underway across the United States,” a fact sheet on the proclamation notes.

“Products made abroad but entirely with American steel, aluminum, and copper will be subject to lower tariffs of 10%,” it adds. “Products made of 15% or less steel, aluminum, or copper will no longer be subject to Section 232 metals tariffs.”

The tariffs one year to the day after Trump imposed his initial worldwide tariffs on April 2, 2025, or Liberation Day, in the Rose Garden.