The tariffs introduced on Saturday and today came with some notable exclusions. Copper and wood; plus pharmaceuticals, semiconductors, and important minerals.
Those could be next, President Donald Trump warned.
• Copper and critical minerals: Copper is a key gear in the ongoing electrification of industries such as America and Defense.
The US imports about 50% of the copper it uses, and demand is only expected to grow, especially as an energy-consuming industry, such as the artificial intelligence and the blockchain boom.
• Wood: Coniferous wood is a more important and preferred ingredient than domestication, with 30% of which being imported by the United States. Home builders warn that tariffs and other charges on conifers and other materials (including a potential double of Canadian wood’s existing obligations) could further exacerbate the housing affordability crisis.
Higher lumber import costs can affect other products, such as furniture and toilet paper.
• Drugs: Trump said last night, “We will soon announce major tariffs on drugs.” Drug duties can reduce medical costs and prevent affordability of medication, especially for those without insurance.
At a 25% tariff, drugs that are generally prescribed can increase from 82 cents per pill to 94 cents per pill, or about $42 per year. He estimated that a 24-week prescription could see additional costs in the range of $8,000 to $10,000, he wrote.
Semiconductors: Medical devices, Wi-Fi routers, laptops, smartphones, cars, home appliances, LED bulbs are just some examples of where semiconductor chips were found. And these products often don’t need just one or two. For example, new cars include thousands of cars.