President Trump announced a new 50% tariff on copper in a Cabinet meeting on Tuesday as the White House continues to threaten new tariffs on trading partners. CBS News MoneyWatch correspondent Kelly O'Grady has the latest updates.

Washington

President Trump has introduced a 50% tariff on imported copper and has signaled the possibility of a 200% tariff on pharmaceuticals, along with additional tariffs targeting goods from more than a dozen countries. Despite these announcements, financial markets have remained relatively stable, with the Dow Jones Industrial Average gaining points and the tech sector, led by companies like NVIDIA, continuing to drive market growth.

Investors appear to be less reactive to tariff threats than in the past, as many implementation deadlines have been delayed and negotiations, particularly with the European Union, remain ongoing. While some sectors such as retail have seen declines, the technology sector's strong performance has helped offset broader market concerns. The outcome of ongoing trade negotiations, especially with the EU, remains uncertain, and investors are waiting for concrete developments before making significant moves.

Investors adjust to Trump's tariff threats

And we are waiting to see the impact, if any, of President Trump's new tariff announcements on the markets. You're looking at the Dow Jones Industrial Average right next to me after about, what, 30 minutes plus of trading. The Dow is gaining a couple hundred points. Stocks were down only slightly yesterday after Mr. Trump said imported copper would be taxed by 50%, and in addition to a potential 200% increase on pharmaceuticals in the future. So what does this all really mean? CBS News Money Watch correspondent Kelly O'Grady is here in Studio 55 with more on this. Great to see you, Kelly. The president has also threatened some new tariffs on, I think, more than a dozen nations starting next month, and we're just seeing so many tariff threats left and right. Clear through the noise for us. Are the markets really concerned with each little tease and threat from the administration? Not as much as they used to be, and I think the reality is that investors are getting used to this back and forth, they're taking heart that a lot of these implementation deadlines have been pushed out to August 1st, and so that being said, I think it's important to dive into what parts of the market are doing well and sort of bolstering that overall picture, and what parts aren't. So the tech sector, that is a big one that is really driving this, because regardless of what's going to happen with all of these tariffs, these companies need to invest in AI, and so I wanna highlight one that's really driving the market, and also your 401Ks. NVIDIA today just hit a $4 trillion market cap. That is the only company to have done that on Wall Street, and so that tells you, right, AI, tech, this is really bolstering the market, but then you look at some sectors like the consumer discretionary, so retailers, that's actually down year to date. So yes, you're not seeing this big route across all of these different sectors like we did back in April, but you are seeing investors place targeted bets that regardless of what happens with tariffs, tech is going to need to spend and people are going to need to use tech. And that makes me wonder, what would the economic picture look like if we stripped out the glowing tech darlings and all of that? There's some kind of breaking developments coming out of the EU for us this morning, a spokesperson saying that a trade deal with President Trump on tariffs could be days away. What do we know about that, and do the markets really care? That is the largest block trading with the US. It is, but we've also heard that these deals could be days away for a while, so I think investors are like, all right, I'm not gonna have a huge reaction to anything until there's something very concrete. We have heard that from different EU leaders. It does seem like they are trying to get certain concessions. You think about the things that we get from the EU, automobiles, they are currently subject to a 25% tariff on all foreign cars that are coming into the US. They're also a big producer of pharmaceuticals. As you mentioned when you were introducing me, the president is threatening a 200% tariff on pharmaceuticals, and also airplanes in part. So, I mean, this is all part of the negotiation process. I do think the markets would like to see a deal with the EU, but again, until we get the specifics, I don't think you're gonna see a big pop either way. Yeah, all right. Very cool stuff. Kelly explaining it all. Thanks so much. We'll see you again very soon.

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