U.S. Tariff Overhaul: New Duties on Metals and Pharmaceuticals, with Exemptions for Allies
AI summaryThe Trump administration has announced a major overhaul of U.S. tariffs on steel, aluminum, and copper, shifting to a simplified system based on full customs value, with 50% duties on primary metals and 25% on derivatives. Separately, a 100% tariff on patented pharmaceuticals not made in the U.S. has been introduced, but South Korea, Japan, Switzerland, and the EU are exempt due to bilateral trade deals. The changes have been met with mixed assessments from South Korean officials, who note reduced administrative burdens but potential increases for some industries.
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Apr 2, 2026