Trump Tariffs: 50% Levy On Brazil; Letters Also Issued To Iraq, Libya, Sri Lanka, Others — 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 50% tariffs on Brazil.

With this, we come to an end of today's coverage of Trump's aggressive trade moves.

Goodnight! This live blog has ended.

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.

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.

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.

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.