Trump Announces New Tariffs on Seven Countries
(MENAFN) US President Donald Trump declared on Wednesday that the United States will enforce tariffs ranging from 20 percent to 30 percent on products imported from seven nations, effective August 1.
The Philippines will be subject to a 20 percent tariff, while Brunei and Moldova will face 25 percent tariffs.
Sri Lanka, Iraq, Algeria, and Libya will have tariffs set at 30 percent, as detailed in letters Trump posted on his Truth Social platform.
In separate communications to the heads of these countries, Trump stated, "We have decided to move forward with you, but only with more balanced, and fair, TRADE."
He emphasized that the imposed rates are "far less than what is needed to eliminate the Trade Deficit disparity we have with your Country."
Trump also issued a warning that any goods rerouted to bypass the elevated tariffs would be charged the higher rates.
Additionally, he cautioned that if these countries raise their tariffs, the US would respond by increasing its own tariffs accordingly.
According to the letters, the tariffs are deemed "necessary to correct" many years of tariff and non-tariff practices and trade restrictions that have resulted in "unsustainable Trade Deficits against the United States."
This announcement comes after Trump’s earlier warning that letters would be sent starting Monday to outline new tariff rates.
He had previously declared 25 percent tariffs on imports from Japan and South Korea, also beginning on August 1.
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