US President Donald Trump has imposed a fresh round of tariffs on seven countries on Wednesday in addition to the earlier announced tariffs.
Among the seven countries with fresh tariffs are Sri Lanka, Philippines, Brunei, Moldova, Algeria, Iraq and Libya. While Sri Lanka, Algeria, Iraq and Libya will face 30% tariffs from Aug. 1, Philippines will face 20% tariffs. Brunei and Moldova will both get 25% tariffs.
Trump began notifying trading partners of the new tariff rates on Monday ahead of what was initially a deadline this week for countries to wrap up trade negotiations with his administration.
On Monday, Trump had announced tariffs on 14 countries that included Laos and Myanmar with the highest rates at 40%. Even US allies such as Japan and South Korea have not been spared.
The tariffs will come into effect from Aug. 1 and the deadline, according to President Trump, will not be extended. However, he said that he is open to negotiations before the deadline.
List Of 21 Countries Hit With New Trump Tariffs
Sri Lanka: 30%
Laos: 40%
Myanmar: 40%
Thailand: 36%
Cambodia: 36%
Bangladesh: 35%
Serbia: 35%
Indonesia: 32%
South Africa: 30%
Bosnia and Herzegovina: 30%.
Malaysia: 25%
Tunisia: 25%
Japan: 25%
South Korea: 25%
Kazakhstan: 25%
Philippines: 20%
Brunei: 25%
Moldova: 25%
Algeria: 30%
Iraq: 30%
Libya: 30%
The tariffs were announced in official letters sent to the leaders of the countries and Trump shared these letters on Truth Social. The US President has described the move as a part of a “wave of letters” being sent to US trading partners.
In every letter, Trump has warned the countries against raising tariffs on US imports. For example, in his letter to Sri Lanka, Trump wrote, "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 25% that we charge."
All the countries facing the new tariffs were till now subjected to a baseline tariff of 10%.
Explaining the rationale behind the move, Trump said that the tariffs were necessary to correct the years of tariff and non-tariff policies, and trade barriers that have caused “unsustainable” trade deficits against the US.
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