Trump Trade: U.S. slaps 30% tariff rate on EU, Mexico

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:

EU, MEXICO TARIFFS: President Trump posted letters on Truth Social Saturday morning saying the European Union and Mexico will face tariff rates of 30% on all goods exported to the U.S. starting August 1.

Meanwhile, European Commission chief Ursula von der Leyen said the EU will extend the suspension of trade countermeasures against the U.S. until August 1st after Donald Trump threatened a new 30% tariff rate in order to allow for further negotiations, Andrea Palasciano of Bloomberg reports.

COPPER TARIFFS: U.S. President Donald Trump’s planned 50% copper tariffs will include all refined copper, Joe Deaux and Catherine Lucey of Bloomberg reports, citing people familiar with the matter. Refined copper represents the largest category of metal that is imported by the U.S. Publicly traded companies in the copper sector include Freeport McMoRan (FCX), Southern Copper (SCCO), Rio Tinto (RIO), BHP (BHP), and Glencore (GLNCY).

DRUG NEGOTIATION PROGRAM: A fight is brewing over the Medicare drug price negotiation program after the Trump administration proposed to consider an additional form of drugs for price cuts, spurring more legal and policy concerns from the pharmaceutical industry, Bloomberg Law’s Nyah Phengsitthy reports. The proposal would allow the Centers for Medicare & Medicaid Services to select a fixed-dose combination drug for negotiations if the agency determines it does not have a “clinically meaningful difference” compared to its original drug with the same active moiety or ingredient. Publicly traded companies in the space include CVS Health (CVS), Centene (CNC), Cigna (CI), Elevance Health (ELV), Humana (HUM), Molina Healthcare (MOH) and UnitedHealth (UNH).