Australia’s mining giants BHP and Rio Tinto are set to be affected by a new 50 per cent tariff on copper imports announced by US President Donald Trump, as part of a broader push to boost American manufacturing.

The tariff, which could take effect as early as this month or on August 1, comes as copper prices surged to record highs in the US following Mr Trump’s comments.

Mr Trump has indicated a potential 200 per cent tariff on pharmaceuticals, which are among Australia’s largest exports to the US.

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However, he said manufacturers would be given time to relocate production to America to avoid the tariff.

The US president also mentioned that copper could face a 50 per cent tariff.

While Australia sends little copper directly to the US (less than one per cent of its total copper exports) both companies could see a small but direct impact from their global operations, including the Escondida mine in Chile.

Until now, both pharmaceuticals and copper have been exempt from the US’s shifting tariff policies, pending two separate investigations by the Department of Commerce.

Mr Trump has frequently criticised America’s reliance on foreign producers for these products, highlighting the critical role of imported medicines for health and copper for industry and technological progress.

Speaking to reporters before a cabinet meeting, Mr Trump said drug manufacturers would receive a grace period to move their operations to the US.

“We’re going to give (drug manufacturers) about a year, a year and a half to come in, and after that, they’re going to be tariffed,” he said.

“They’re going to be tariffed at a very, very high rate, like 200 per cent. We’ll give them a certain period of time to get their act together.”

Mt Trump also announced he will reveal at least seven more countries targeted for new trade measures on Wednesday US time, with additional nations to be named later in the day.

The move comes following a wave of tariff threats against 14 countries earlier this week, including Japan and South Korea.

In a post on Truth Social, Mr Trump said: “We will be releasing a minimum of 7 countries having to do with trade, tomorrow morning, with an additional number of countries being released in the afternoon.”

The White House recently extended the deadline for higher tariffs to August 1, giving countries a final window to negotiate deals or face new duties of up to 40 percent.