President Trump said Tuesday he would issue a 50% tariff on copper brought into the U.S. and signaled he was queuing up high levies on pharmaceutical imports after a grace period that would let drugmakers move operations back to the U.S.

Mr. Trump outlined the expansion of his trade agenda while he dispatched highly anticipated letters assigning nation-by-nation tariff rates.

Those tariffs will kick in by August, but the copper tariff is part of a separate bucket of sector-specific tariffs.

The decision to tax copper imports at 50% follows Mr. Trump’s imposition of a 25% tariff on cars and car parts brought into the country and 50% levies on steel and aluminum.

Copper is a key component in electrical wiring and construction. Prices of copper surged dramatically to record highs after Mr. Trump’s sudden announcement at a Cabinet meeting.

Commerce Secretary Howard Lutnick said the administration wants to “bring the ability to make copper, which is key to the industrial sector, back to America.”

He told CNBC, “We need that kind of production in America. It’s important.”

Further, Mr. Trump said he would make an announcement “very soon” on imported pharmaceuticals. He suggested drugmakers would get a year or so to bring their operations into the U.S. or face a tariff.

“They’re gonna be tariffed at a very, very high rate, like 200%. We’ll give them a certain period of time to get their act together,” Mr. Trump said.

Mr. Trump’s tariff policy is crystallizing after months of shifting numbers and deadlines.

Mr. Trump kicked off the week by sending tariff-assignment letters to 14 countries, including Asian allies such as Japan and South Korea and key garment makers such as Bangladesh and Cambodia.

The president, writing on Truth Social, said Tuesday that products from any nation that received one of his letters would be taxed by U.S. customs on Aug. 1 — no exceptions.

“There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting August 1, 2025 — No extensions will be granted,” he wrote.

The president in April paused hefty “Liberation Day” tariffs for 90 days to calm markets and allow space for trade negotiations. Now, he’s snapping those levies.

Mr. Trump struck trade deals with Britain and Vietnam during the pause, and he set the stage for more talks with China. But other countries are bracing for large tariffs unless they cut deals by August.

The letters assigned tariffs ranging from 25%, notably for Japan and South Korea, to 40% for certain Southeast Asian nations.

“We’re picking a number that is low and fair,” Mr. Trump said Tuesday at a Cabinet meeting.

Tariffs are a tax or duty paid by importers on goods they bring in from foreign markets.

Mr. Trump says tariffs are a great way to force companies to return to America or keep their operations in the U.S., employ American workers, and/or create revenue to fund domestic programs.

The U.S. has collected about $100 billion in tariff payments this year, according to Treasury Secretary Scott Bessent, who said that number could rise to $300 billion by the end of the year.

“Tremendous amounts of money are coming into our country,” Mr. Trump said.

Foreign countries don’t pay the tariffs directly to the U.S. Treasury. In many cases, U.S. companies will pay the levies, and they might pass on at least some of the cost to consumers through higher prices.

Mr. Trump is betting there will be no serious inflation from his trade policies and says the tariffs will work hand in hand with major legislation he signed Friday to cut taxes and spur American investment.

He pointed to a new report from his Council of Economic Advisers that found no inflation from the tariffs so far.

“In fact, the Study shows that Import Prices are actually dropping, just like I always said they would. The Fake News and the so-called ‘Experts’ were wrong again,” Mr. Trump wrote on Truth Social.

Wall Street reacted negatively to the tariff announcements, but stocks stabilized a bit Tuesday as investors assessed possible new deals in the coming weeks.

The Dow Jones Industrial Average dropped 165 points, or 0.37%, on Tuesday while the S&P 500 broke about even, down 0.07%, and the Nasdaq closed up 0.03%.

Mr. Trump chafed at the idea that he is moving the goalposts to avoid full implementation of his tariff plan. Other nations thought the levies would snap back on July 9.

“It wasn’t a change, it was Aug. 1,” Mr. Trump said. “A clarification, maybe.”

Japan, South Korea and other countries targeted with new tariffs have indicated they will use the next three weeks to try to land a deal or adjust Mr. Trump’s tariff amount.

A top commerce official from Bangladesh, which faces a 35% tariff, told Bloomberg they would seek a “win-win proposition,” while Agence France-Presse reported that Cambodia was pleased with Mr. Trump’s decision to lower its tariff from 49% in April to 36%.

“We still have a chance to negotiate further to reduce the tariff rate more,” Cambodian Deputy Premier Sun Chanthol told reporters.

• Tom Howell Jr. can be reached at thowell@washingtontimes.com.