TSMC revenue surges 61% to document excessive fueled by AI chip demand

A motorcycle is seen near a building of the Taiwan Semiconductor Manufacturing Company (TSMC), which is a Taiwanese multinational semiconductor contract manufacturing and design company, in Hsinchu, Taiwan, on April 16, 2025.

Daniel Ceng | Anadolu | Getty Images

Taiwan Semiconductor Manufacturing Company on Thursday reported a near 61% year-on-year rise in second-quarter profit, hitting a record high and beating estimates, as demand for artificial intelligence chips stayed strong.

The world’s largest contract chip manufacturer forecast third-quarter revenue between $31.8 billion and $33.0 billion — a 38% year-over-year increase and 8% higher from the prior quarter at the midpoint. 

TSMC CEO C.C. Wei said in the earnings call that the company expects its full-year 2025 revenue to rise by around 30% in U.S. dollar terms, supported by growth in artificial intelligence and demand for its most advanced technologies.

Here are the company’s results versus LSEG SmartEstimates:

  • Revenue: 933.80 billion new Taiwan dollars ($31.7 billion), vs. NT$931.24 billion expected
  • Net income: NT$398.27 billion, vs. NT$377.86 billion 

TSMC’s net revenue in the June quarter rose 38.65% from a year ago to NT$933.80 billion, also beating estimates.

The company’s shares were up over 4% at 4:30 a.m. ET on trading platform Robinhood.

TSMC’s high-performance computing division, which encompasses artificial intelligence and 5G applications, drove second quarter sales, contributing 60% of revenue. That share of HPC revenue was up from 52% in the same period last year.

TSMC has benefited from the artificial-intelligence megatrend as it manufactures advanced AI processors for clients including Nvidia and Apple.

“The primary driver of growth for TSMC has been the robust demand for AI related chips, particularly for the leading edge nodes below 7nm,” said Brady Wang, associate director at Counterpoint Research.

In semiconductor technology, smaller nanometer sizes signify more compact transistor designs, which lead to greater processing power and efficiency. TSMC said advanced chips, with sizes 7-nanometer or smaller, accounted for 74% of TSMC’s total wafer revenue in the quarter. 

“Surging demand from the AI boom is highly sustainable in the near term, with AI still in its very beginning stages and continues to expand across industries,” Wang added.

However, the company faces potential headwinds from the trade policy of the U.S. President Donald Trump, who has threatened steep “reciprocal tariffs” on Taiwan.

Taiwan faces 32% tariffs announced in April and is in the midst of trade talks with the U.S., according to local media reports. Trump earlier this month also warned of potential additional tariffs on semiconductors.

“Looking into second half of 2025 we have not seen any change in our customers behavior so far. However, we understand there are uncertainties and risk from the potential impact of tariff policies,” Wei said on Thursday.

U.S. export controls have also restricted TSMC’s business with China, as well as that of its key clients Nvidia and AMD. However, amid a thawing of trade relations between Beijing and Washington, Nvidia and AMD said earlier this week that they had received government assurances allowing them to ship products to China. 

Other headwinds facing TSMC in the second half of the year include appreciation of the Taiwan dollar and potential order cuts from smartphone and PC clients due to global macro conditions, said Sravan Kundojjala, an analyst at SemiAnalysis specializing in global foundries.

Whoop says FDA is ‘overstepping’ with blood strain function warning

The logo for the Food and Drug Administration is seen ahead of a news conference on removing synthetic dyes from America’s food supply, at the Health and Human Services Headquarters in Washington, DC on April 22, 2025.

Nathan Posner | Anadolu | Getty Images

The U.S. Food and Drug Administration on Tuesday published a warning letter addressed to the wrist wearable company Whoop, alleging it is marketing a new blood pressure feature without proper approvals.

The letter centers around Whoop’s Blood Pressure Insights (BPI) feature, which the company introduced alongside its latest hardware launch in May.

Whoop said its BPI feature uses blood pressure information to offer performance and wellness insights that inform consumers and improve athletic performance.

But the FDA said Tuesday that Whoop’s BPI feature is intended to diagnose, cure, treat or prevent disease — a key distinction that would reclassify the wellness tracker as a “medical device” that has to undergo a rigorous testing and approval processes.

“Providing blood pressure estimation is not a low-risk function,” the FDA said in the letter. “An erroneously low or high blood pressure reading can have significant consequences for the user.”

A Whoop spokesperson said the company’s system offers only a single daily estimated range and midpoint, which distinguishes it from medical blood pressure devices used for diagnosis or management of high blood pressure.

Whoop users who purchase the $359 “Whoop Life” subscription tier can use the BPI feature to get daily insights about their blood pressure, including estimated systolic and diastolic ranges, according to the company.

Whoop also requires users to log three traditional cuff-readings to act as a baseline in order to unlock the BPI feature.

Additionally, the spokesperson said the BPI data is not unlike other wellness metrics that the company deals with. Just as heart rate variability and respiratory rate can have medical uses, the spokesperson said, they are permitted in a wellness context too.

“We believe the agency is overstepping its authority in this case by attempting to regulate a non-medical wellness feature as a medical device,” the Whoop spokesperson said.

High blood pressure, also called hypertension, is the number one risk factor for heart attacks, strokes and other types of cardiovascular disease, according to Dr. Ian Kronish, an internist and co-director of Columbia University’s Hypertension Center.

Kronish told CNBC that wearables like Whoop are a big emerging topic of conversation among hypertension experts, in part because there’s “concern that these devices are not yet proven to be accurate.”

If patients don’t get accurate blood pressure readings, they can’t make informed decisions about the care they need.

At the same time, Kronish said wearables like Whoop present a “big opportunity” for patients to take more control over their health, and that many professionals are excited to work with these tools.

Understandably, it can be confusing for consumers to navigate. Kronish encouraged patients to talk with their doctor about how they should use wearables like Whoop.

“It’s really great to hear that the FDA is getting more involved around informing consumers,” Kronish said.

FILE PHOTO: The headquarters of the U.S. Food and Drug Administration (FDA) is seen in Silver Spring, Maryland November 4, 2009. 

Jason Reed | Reuters

Whoop is not the only wearable manufacturer that’s exploring blood pressure monitoring.

Omron and Garmin both offer medical blood pressure monitoring with on-demand readings that fall under FDA regulation. Samsung also offers blood-pressure-reading technology, but it is not available in the U.S. market.

Apple has also been teasing a blood pressure sensor for its watches, but has not been able to deliver. In 2024, the tech giant received FDA approval for its sleep apnea detection feature.

Whoop has previously received FDA clearance for its ECG feature, which is used to record and analyze a heart’s electrical activity to detect potential irregularities in rhythm. But when it comes to blood pressure, Whoop believes the FDA’s perspective is antiquated.

“We do not believe blood pressure should be considered any more or less sensitive than other physiological metrics like heart rate and respiratory rate,” a spokesperson said. “It appears that the FDA’s concerns may stem from outdated assumptions about blood pressure being strictly a clinical domain and inherently associated with a medical diagnosis.”

The FDA said Whoop could be subject to regulatory actions like seizure, injunction, and civil money penalties if it fails to address the violations that the agency identified in its letter.

Whoop has 15 business days to respond with steps the company has taken to address the violations, as well as how it will prevent similar issues from happening again.

“Even accounting for BPI’s disclaimers, they do not change this conclusion, because they are insufficient to outweigh the fact that the product is, by design, intended to provide a blood pressure estimation that is inherently associated with the diagnosis of a disease or condition,” the FDA said.

WATCH: Watch CNBC’s full interview with FDA commissioner Dr. Marty Makary

Rihanna Addresses Her Dad’s Passing & Hopes For Him (VIDEO)

Rihanna is addressing her dad, Ronald Fenty’s, passing while opening up about her hopes and dreams for him as grandfather.

RELATED: Prayers Up! Rihanna’s Father Ronald Fenty Has Reportedly Died At Age 70

Rihanna Addresses Her Dad, Ronald Fenty’s, Passing While Opening Up About Her Hopes For Him As A Grandfather

On Sunday, July 13, Rihanna stepped out at the Paramount Theater in Los Angeles, California, alongside her sons, RZA and Riot Rose, for the premiere of the upcoming ‘Smurfs’ film. Furthermore, the expecting mother rocked a chocolate gown Saint Laurent while her sons also hit the blue carpet in style.

While at the event, Rih spoke with Entertainment Tonight and addressed her father’s passing and whether he had a chance to meet her sons.

“I’ve always wanted that and I’ve always dreamed of what type of grandfather he would be to them because of the favorite parts of my dad. I think it prepared me for having two boys,” she said. “The adventure side of me, the outside side of me, the dare devil — it’s how I want to raise them and I want them to be outside and be in nature.”

See her full response below.

Social Media Continues To Send Condolences

Social media users continued to send condolences Rihanna’s way in The Shade Room’s comment section.

Instagram user @_sweeetserrri_ wrote,She is so strong. I would have been in full blown tears !”

While Instagram user @talfluence added, She looks like his twin 😍”

Instagram user @refilwemodiselle wrote, Condolences to her man I can relate with losing a Dad that was amazing ✨🙏🏻🕯️🤍. Love Rihanna man & her ways, you see that’s a beautiful old school parent that believes childhood is about creating or allowing valuable experiences with her kids. Not throwing them into being “tablet babies”!…”

While Instagram user @4ever_strong_ray2.9.17 added,I love the way she answers questions but doesn’t answer questions lol…if that makes sense. It’s like she literally didn’t answer what he asked her but still gave him just enough to feel like she did!🤭😂😂😂😭😭”

Instagram user @sirdamestrong wrote, Glad he acknowledged her fathers passing respectfully .”

While Instagram user @kweenmocha added, She knew her father was the right person to give em REAL Caribbean discipline and have them babies forget what a Tablet was 😂👏🏾”

Instagram user @aprnbeauty wrote,He didn’t meet them 😢”

While Instagram user @theblacklawyerspodcast added,And we can tell she wanted to cry 🥹, it’s so hard losing a parent. She answered the question well ❤️”

Instagram user @__melaninxdaj_ wrote,I would’ve been SOBBING 😢❤️ She so strong voice didn’t even crack !!!”

More Details On The Passing Of Rihanna’s Dad & RZA And Riot’s Grandfather, Ronald Fenty

As The Shade Room previously reported, Ronald Fenty passed away at the age of 70 at Cedars-Sinai Medical Center on May 31. Subsequently, it was revealed that Fenty passed from “cancer, pneumonia, and other serious illnesses,” per The Shade Room. Furthermore, these reportedly included “acute respiratory failure, pancreatic cancer, and aspiration pneumonia.”

Most recently, on July 8, Rih, A$AP Rocky, their two sons, and additional family honored Fenty with a homegoing service in Barbados.

RELATED: Prayers Up! Rihanna, A$AP Rocky & Kids Attend Her Father’s Funeral In Barbados (PHOTOS)

What Do You Think Roomies?

Small companies that use AI say it hasn’t affected headcount

Chris Schwegmann is getting creative with how artificial intelligence is being used in law.

At Dallas-based boutique law firm Lynn Pinker Hurst & Schwegmann, he sometimes asks AI to channel Supreme Court Chief Justice John Roberts or Sherlock Holmes.

Schwegmann said after uploading opposing counsel’s briefs, he’ll ask legal technology platform Harvey to assume the role of a legal mind like Roberts to see how the chief justice would think about a particular problem.

Other times, he will turn to a fictional character like Holmes, unlocking a different frame of mind.

“Harvey, ChatGPT … they know who those folks are, and can approach the problem from that mindset,” he said. “Once we as lawyers get outside those lanes, when we are thinking more creatively involving other branches of science, literature, history, mythology, that sometimes generates some of the most interesting ideas that can then be put, using proper legal judgement, in a framework that works to solve a legal problem.”

It’s just one example of how smaller businesses are putting AI to work to punch above their weight, and new data shows there’s an opportunity for much more implementation in the future.

Only 24% of owners in the recent Small Business and Technology Survey from the National Federation of Independent Business said they are using AI, including ChatGPT, Canva and Copilot, in some capacity.

Notably, 98% of those using it said AI has so far not impacted the number of employees at their firms.

At his trial litigation firm of 50 attorneys, Schwegmann said AI is resolving work in days that would sometimes take weeks, and said the technology isn’t replacing workers at the firm.

It has freed up associate lawyers from doing “grunt work,” he said, and also means more senior-level partners have the time to mentor younger attorneys because everyone has more time.

The NFIB survey found AI use varied based on the size of the small business. For firms with employees in the single digits, uptake was at 21%. At firms with fifty or more workers, AI implementation was at nearly half of all respondents.

“The data show clearly that uptake for the smallest businesses lags substantially behind their larger competitors. … With a little attention from all the relevant stakeholders, a more equal playing field is possible,” the NFIB report said.

For future AI use, 63% of all small employers surveyed said the utilization of the technology in their industry in the next five years will be important to some degree; 12% said it will be extremely important and 15% said it will not be important at all. 

Some of the most common uses in the survey were for communications, marketing and advertising, predictive analysis and customer service. 

“We still have the need for the independent legal judgment of our associate lawyers and our partners — it hasn’t replaced them, it just augments their thinking,” Schwegmann said. “It makes them more creative and frees their time to do what lawyers do best, which is strategic thought and creative problem solving.”

The NFIB data echoes a recent survey from Reimagine Main Street, a project of Public Private Strategies Institute in partnership with PayPal.

Reimagine surveyed nearly 1,000 small businesses with annual revenue between $25,000 and $50,000 and also found that a quarter had already started integrating AI into daily workflows.

Schwegmann said at his firm, AI is helping to even the playing field.

“One of the things Harvey lets us do is review, understand and incorporate and respond much faster than we would prior to the use of these kinds of AI tools,” he said. “No longer does a party have an advantage because they can paper you to death.”

Paychex CEO John Gibson: Small businesses are 'a little frozen' right now

Trump’s Decline Worsens As He Threatens To Revoke Rosie O’Donnell’s Citizenship

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Those who attribute any sort of rational calculation or sane motive to Donald Trump’s words and actions are trying to rationalize the irrational.

In simple terms, Trump is an impulsive bully who tries to hide his weaknesses by projecting strength through threats and intimidation.

As Donald Trump ages and declines more, his blustery bag of tricks takes on a twinge of sadness. Preceived old enemies become fodder again, as an aging man can’t let go of his grudges.

Such is the case when Donald Trump posted on Truth Social, “Because of the fact that Rosie O’Donnell is not in the best interests of our Great Country, I am giving serious consideration to taking away her Citizenship. She is a Threat to Humanity, and should remain in the wonderful Country of Ireland, if they want her. GOD BLESS AMERICA!”

Trump is living all of his fantasies of power and dreams that he gets to decide what is best for America.

The president’s mindset and impulse are fundamentally undemocratic.

Donald Trump’s mindset is also an impossible fantasy.

The secret of Donald Trump’s success isn’t that he is a visionary, strategist, or a master at pulling the levers of government to get things done.

Trump’s only skill is that he has been able to sell the fantasy in his head to enough Americans to get elected president twice.

The problem is that after he takes office, fantasy meets reality, and the American people get stuck with a person in charge of the federal government who is living in a dreamland that only exists in his mind.

Donald Trump can’t take Rosie O’Donnell’s citizenship away.

Trump can’t change election law with an executive order, or bring peace to Ukraine in 24 hours. Trump can’t lower prices or magically deport 20 million people. It’s all a fantasy.

The reality of the current right-wing Republican run federal government is much more brutal for regular people than detached Trump could ever understand.

Trump is declining, and when he lashes out at someone like Rosie O’Donnell, it is a sign that the overmatched man is sinking.

What do you think about Trump’s threat to take away Rosie O’Donnell’s citizenship? Share your thoughts in the comments below.

Leave a comment

FDA to contemplate drug affordability when rushing up approvals: Makary

The Food and Drug Administration will consider drug affordability when granting companies new vouchers that speed up approvals of some treatments, the agency’s Commissioner Marty Makary told CNBC on Friday. 

The FDA in June announced a national priority voucher plan that aims to cut drug review times to one-to-two months for companies it says are supporting “U.S. national interests.” But previous announcements on the voucher program did not explicitly mention making drugs more affordable as a criterion. 

“We are including the affordability of drugs as a national priority,” Makary told CNBC.

Lowering drug prices is a key goal of the Trump administration, which is facing a tough balancing act as it threatens to impose up to 200% tariffs on pharmaceuticals imported into the U.S. in a bid to reshore drug manufacturing.

Commissioner of the Food and Drugs Administration Marty Makary speaks at a news conference on removing synthetic dyes from America’s food supply, at the Health and Human Services Headquarters in Washington, DC on April 22, 2025.

Nathan Posner | Anadolu | Getty Images

Makary added that President Donald Trump is “very adamant that he would lower drug prices for Americans, and he doesn’t like it that Americans are getting ripped off with drugs that are two, five, 10 times higher” in the U.S. compared to other developed countries.

But it is unclear how the Trump administration will consider affordability when reviewing a drug, as prices for a product’s launch are usually determined after an approval in the U.S.

The FDA’s website currently outlines four examples of “national priorities” that will be used to determine which companies will get a voucher under the new program. That includes addressing a health crisis in the U.S., delivering “more innovative cures” to Americans, addressing unmet public health needs and “increasing domestic drug manufacturing as a national security issue.” 

Drug affordability may have been included previously, according to a Wall Street Journal report in June. 

A spokesperson for the Department of Health and Human Services confirmed that the FDA will consider drug affordability for the program, adding the criteria aren’t limited to earlier examples.

When asked to provide examples of a health crisis that companies can meet with their drugs, Makary said he wants to see a cure for Type 1 diabetes, more treatments for neurodegenerative diseases and a universal flu shot “so we don’t have to try to guess which strain is coming.” 

He also said he wants to see more treatments for stage 4 cancer, or when the disease has spread from its original site to distant parts of the body. 

“We have a committee that’s set up that will determine which products and companies will get these vouchers as part of a pilot,” Makary said. “But we’ve got to try new things. We’ve got to ask ourselves, why does it take so long to come to market? And we want to see more cures and meaningful treatments for Americans.”

The FDA will give out new vouchers this year. After a one-year pilot phase, the agency may increase the number of quick approvals it gives to companies.

Some Wall Street analysts have previously said the voucher program could be more effective than tariffs at encouraging drugmakers to bring their manufacturing to the U.S. 

But questions remain about the risks of speeding up drug reviews to as little as 30 days, which is the fastest the FDA has ever done.

Another potential concern is whether the FDA will offer vouchers to political allies of the Trump administration, which could include companies that agency staff would normally scrutinize. 

Delta says segmentation coming to high-end cabins

Nurphoto | Nurphoto | Getty Images

Delta Air Lines is studying new types of airplane tickets — this time in the premium cabins at the front of the plane.

Airlines spent years slicing up their coach cabins, from extra legroom seats to bare-bones basic economy fares that don’t allow changes or include a seat assignment. Delta was a pioneer in the U.S. when it launched basic economy fares more than a decade ago with rivals United Airlines, American Airlines and others following suit.

But now airline executives are turning their focus to their premium cabins, where demand is holding up better this year than in the back of the plane.

Read more CNBC airline news

“Premium has certainly been where our margins have continued to expand, and so we’re highly focused on continuing to provide improved service to those customers and more segmentation,” Delta President Glen Hauenstein said on an earnings call with analysts on Thursday. “The segmentation that we’ve done in main cabin is kind of the template that we’re going to bring to all of our premium cabins over time because different people have different needs.”

Delta’s revenue from premium seats like business class rose 6% in the first half of the year to $10.6 billion, while main cabin economy ticket revenue dropped 4% to $11.7 billion. The carrier, the most profitable U.S. airline, has said for years that its share of sales from high-end seats and its lucrative loyalty program has been growing.

American Airlines new business-class suite.

American Airlines

U.S. carriers have largely ditched international first class in favor of larger business-class cabins, where lie-flat seats have more amenities than seats of past decades.

Hauenstein declined to detail possible changes to the premium seats. It’s not clear whether Delta would consider a cheaper first- or business-class ticket that might not include perks like lounge access or seat assignments, or a potentially bigger seat that could come with add-ons that standard tickets don’t have.

But Hauenstein said Delta is testing some possibilities on customers and surveying travelers.

“We haven’t rolled it out yet, not because we don’t have the technological capability, but we want to make sure that customers understand what we’re putting in market and that they find value in it,” he said.

Henry Harteveldt, travel consultant and president of Atmosphere Research Group, said he’s not convinced that Delta would consider a stripped-down premium fare.

“Airplanes are expensive … and it’s a lot easier when you give your passengers a reason to pay you more for your product than to pay you less,” he said.

United Airlines new Polaris cabin configuration

United Airlines

Other airlines are working to outfit their top-tier cabins to offer a few seats that have extra room and even space for a visitor, like United’s planned update to its long-haul Polaris cabin and American’s new seats on some of its Boeing 787 Dreamliners.

Delta’s partner, Virgin Atlantic, offers the “Retreat Suite” at the front of its Airbus A330’s Upper Class cabin that can be converted “so up to four people can enjoy an intimate dinner together in their own private social space.”

When asked whether Delta will update some of its highest-end seats, CEO Ed Bastian told CNBC Wednesday that “the premium products have had life cycles … and what we thought was state of the art six or seven years ago no longer is.

“We’re continuing to upgrade and update it. So that’s part of the cost of business,” he said. “But our product will be very, very nice.”

Don’t miss these insights from CNBC PRO

Eli Manning not desirous about possession bid

Former New York Giants quarterback Eli Manning is no longer interested in buying a minority stake in his old team, telling CNBC Sport on Wednesday that he’s been priced out.

“Basically, it’s too expensive for me,” Manning said in an interview. “A 1% stake valued at $10 billion turns into a very big number.”

Manning’s comments come as team valuations skyrocket.

In CNBC’s Official NFL Team Valuations published in September, the Giants were valued at $7.85 billion, ranking fourth among the league’s 32 teams.

In December, the Philadelphia Eagles sold a minority stake in the team at a valuation of $8.3 billion — roughly $1 billion higher than where CNBC Sport had valued the team a few months earlier. In May, the San Francisco 49ers sold a 6.2% stake at a valuation of more than $8.5 billion, according to people familiar with the matter. CNBC’s September valuation marked the 49ers at $7.4 billion.

And last month, the NBA’s Los Angeles Lakers agreed to sell the majority of the team at a $10 billion valuation, far higher than the franchise’s $7 billion valuation according to CNBC Sport’s Official NBA Team Valuations, published in February.

Eli Manning #10 of the New York Giants warms up prior to the game against the Philadelphia Eagles at MetLife Stadium on Dec. 29, 2019 in East Rutherford, New Jersey.

Sarah Stier | Getty Images

Manning said he doesn’t have interest in buying a stake in any other NFL team and that he believes the Giants are deserving of a $10 billion valuation. He also said other complications contributed to his decision to withdraw his name.

“I wouldn’t be able to talk to players that I coached in the Pro Bowl. It was going to affect my day job,” said Manning, adding there could have been conflicts of interest with his role on ESPN’s ManningCast, the alternative Monday Night Football broadcast that he co-hosts with his brother, former NFL quarterback Peyton Manning.

Eli Manning made more than $250 million in career earnings from the Giants and many millions more from endorsements. He owns a production company — Ten Till Productions — and is a partner in the private equity firm Brand Velocity Group.

Minority sale continues

The Mara family, which has owned the Giants since the team’s founding in 1925, currently owns 50% of the team. The Tisch family has owned the other half since 1991.

Both families hired Moelis & Company to explore a potential sale of “a minority, non-controlling stake,” they said in February.

There’s been renewed interest in NFL ownership in recent months. Last year, the league voted to allow private equity firms to take stakes of up to 10% in teams.

CNBC reported in May that investor Julia Koch had submitted a bid for a minority stake in the Giants. Former New York Giants defensive end Michael Strahan and billionaire Marc Lasry also teamed up to make a bid, Sportico reported in May.

Manning said he still plans to be very involved in the Giants organization. He told CNBC Sport he has already spoken to the team, focusing on advice to the rookies, earlier this year.

He is also a minority owner in the National Women’s Soccer League’s Gotham FC and TGL’s New York golf team.

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You’re never too old for LEGO (unless you’re literally turning 100), and honestly, building intricate sets is the kind of hobby we fully support in adulthood. But let’s be real: collecting those iconic kits—especially from legacy lines like Star Wars, Nintendo, and the ever-gorgeous Botanicals—can get seriously expensive. That’s why Amazon Prime Day 2025 is the time to treat yourself. Right now, we’re seeing jaw-dropping discounts of up to 54% off on some of the most popular and nostalgic LEGO sets, including that Millennium Falcon build you’ve had in your cart since forever.

One thing to keep in mind: the best LEGO Prime Day deals tend to sell out fast, especially when prices dip this low. If you see something on your wishlist, don’t hesitate. We did the digging for you and rounded up the best Amazon LEGO deals available right now—so you can stock up and save before everything disappears.

Trump says he’ll impose 50% tariff on copper imports

President Donald Trump speaks during a Cabinet meeting in the Cabinet Room of the White House in Washington, July 8, 2025.

Andrew Caballero-Reynolds | AFP | Getty Images

President Donald Trump said he will impose a 50% tariff on copper imports on Tuesday, and suggested more steep sector-specific duties are on the way.

“Today, we’re doing copper,” Trump said during a Cabinet meeting at the White House. “I believe the tariff on copper, we’re going to make it 50%.” He did not say specifically when that tariff would take effect.

Trump also said he would soon announce tariffs “at a very, very high rate, like 200%,” on pharmaceutical imports.

Pharmaceutical companies could have up to a year and a half to start producing their products in the U.S. before those new tariffs take effect, Trump added.

Copper prices jumped to a record high after Trump’s abrupt announcement and ended the trading day up 13.12% for the best one-day gain since 1989.

Shares of copper miner Freeport-McMoRan, meanwhile, rose 5% as investors expect domestic producers to benefit from the tariff.

Copper is the third-most-consumed metal, behind iron and aluminum. The U.S. imports nearly half of the copper it uses, most of which comes from Chile, according to data from the U.S. Geological Survey.

Trump in late February ordered a probe into potential new tariffs on copper imports on national security grounds.

Commerce Secretary Howard Lutnick said on CNBC’s “Power Lunch” later Tuesday that that investigation was finished.

“The idea is to bring copper home, bring copper production home,” Lutnick said. He noted that Trump’s move will bring copper tariffs in line with U.S. duties on imports of steel and aluminum, which Trump doubled to 50% in early June.

Lutnick said he expected Trump to soon sign a proclamation that would put the copper tariff in place by the end of July.

The new trade announcements on copper and pharmaceuticals are separate from the “reciprocal” tariffs that Trump unveiled in early April, when he imposed a baseline 10% duty on imports from nearly all other countries, as well as much higher rates on dozens of individual nations.

Trump has repeatedly delayed the higher reciprocal tariffs from taking effect. But on Monday, he sent out a spate of letters dictating new tariff rates on imports from 14 countries, including Japan, South Korea and Thailand.

Those individualized blanket tariff rates, which ranged from 25% to 40%, are set to take effect Aug. 1.

— CNBC’s Spencer Kimball contributed to this report.