Dow Jones futures gain as Trump proposes tariffs on copper and pharmaceuticals

• Dow Jone futures rises as Trump aims to boost copper production and manufacturing of pharmaceuticals domestically.
• US President Trump proposes 50% tariffs on imports of copper.
• Investors await new tariff rates for another batch of nations by the US.

Dow Jones futures trade higher during the European trading session on Wednesday. United States (US) equities attract bids as President Donald Trump has proposed 50% tariffs on imports of copper and signaled 200% import duty on pharmaceuticals at the cabinet meeting on Tuesday, aiming to boost production domestically.

At the time of writing, Dow Jones futures gain 77 points and rise above 44,100. S&P 500 futures rise 0.17% to near 6,235.

This marks the fourth product where the White House is set to increase tariffs, following, automobiles and auto parts, steel, and aluminum. US President Trump didn't provide any timeline for tariffs on copper imports.

On pharmaceuticals, Trump stated that he will impose 200% tariffs likely in 2026 to provide ample time to domestic manufacturers for building capacity. The message through actions from the Fed that he is aiming to boost local manufacturing in various sectors has increased appetite of investors toward US equities.

Going forward, the start of the second-quarter earnings season is going to be the major trigger for US equities, with several leading financial corporations, including Blackrock, Citigroup, and JP Morgan Chase are set to announce their quarterly results on July 15.

Meanwhile, investors await the announcement of fresh reciprocal tariff rates for over seven countries by Donald Trump, which have failed to make deal during the 90-day tariff pause. On Tuesday, Trump stated through a post on Truth.Social that he will reveal new tariff rates for minimum of seven countries on Wednesday's morning and more in afternoon. "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. Thank you for your attention to this matter!" Trump wrote.

The impact of the announcement would be limited if the list doesn't involve leading trading partners of the US, such as Eurozone, Canada, Mexico. Till now, Trump has unveiled new tariff rates for 14 countries in which notable names were Japan and South Korea.