Trump Tariffs: Letters Issued To Iraq, Libya, Sri Lanka, Others; Levies On Brazil Soon — Key Highlights
A total of 21 countries have now received their tariff letters from US President Trump.
Close: US Trade Deal Key Highlights
On Wednesday, Trump has effectively:
Imposed 30% tariffs on Libya, Iraq, Sri Lanka, and Algeria.
Slapped 25% tariffs on Moldova and Brunei.
Announced tariffs on Brazil to be unveiled today or tomorrow.
With this, we come to an end of today's coverage of Trump's aggressive trade moves with global powers. Catch you tomorrow, while manifesting an India-US trade letter to be rolled out.
Goodnight! This live blog has ended.
US Trade Deal Live: Trump To Announces Tariffs On Brazil Soon
Trump during a meeting with African Lladers said that he will announce tariffs on Brazil either today or tomorrow. He further added that there will be more letters going out today.
US Trade Deal Live: Trump Announces 30% Tariffs On Sri Lanka
Donald Trump announced 30% tariffs on Sri Lanka through a post on Truth Social. This is in addition to the tariffs imposed on Philippines, Brunei, Moldova, Algeria, Iraq and Libya.
US Trade Deal Live: Retaliation Won't Be Taken Kindly, Stresses Trump
A notable aspect of each letter is Trump's direct threat to increase tariffs if any countermeasures are taken:
"If for any reason you decide to raise your Tariffs, then, whatever the number you choose to raise them by, will be added onto the [existing US tariff]," Trump stated in the 20 letters he's sent so far.
US Trade Deal Live: Higher Inflation May Lead To Lower Rates, Says Nomura Research Chief
Rob Subbaraman, chief economist and head of global markets research, Asia ex-Japan at Nomura, highlighted a prevalent market sentiment that the Aug. 1 deadline could be in a "classic Trump style escalate to de-escalate" scenario, potentially leading to lower tariffs.
Here's his take on the tariff conundrum.
