SANTIAGO/MEXICO CITY, July 9 (Reuters) - Top officials in Chile and Mexico said on Wednesday they could seek markets elsewhere to avoid tariffs from the Trump administration, a day after U.S. President Donald Trump said he would soon announce a 50% tariff on the red metal.

The U.S. will impose 50% tariffs on copper, President Trump said during a Cabinet meeting on Tuesday, adding that an action on imports of the metal would be announced today. The U.S. will also soon impose tariffs of up to 200% on pharmaceuticals,

US buyers of copper will pay a high price if President Donald Trump pushes ahead with a 50% tariff on refined metal as opposed to copper products such as wiring, according to officials in Chile. While Chile hasn’t received any formal notification and is unaware of the details of the measure,