Trump sends out tariff letters to 6 more countries but he avoids major US trade partners
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Trump tariffs live updates: Trump unveils new batch of tariff letters ahead of Aug. 1 deadline
President Trump is again amping up his trade threats, outlining tariffs on goods imported from their countries. Trump on Wednesday posted to social media six letters, highlighted by one to the president of the Philippines dictating a 20% tariff. He also sent letters to the leaders of Brunei, Moldova, Algeria, Iraq, Sri Lanka, and Libya. Trump injected fresh uncertainty into another metal market this week after saying he would impose 50% tariffs on copper imports to the US, matching duties on aluminum and steel.
Trump on Wednesday posted to social media six letters, highlighted by one to the president of the Philippines dictating a 20% tariff. He also sent letters to the leaders of Brunei, Moldova, Algeria, Iraq, Sri Lanka, and Libya. Those tariffs ranged from 20% to 30% and came in mostly in line with the duties he had announced on those countries’ imports back in April’s “Liberation Day” event.
Trump had posted 14 letters to countries on Monday, including South Africa, Malaysia, and Thailand, outlining tariffs ranging from 25% to 40%.
Meanwhile, Trump injected fresh uncertainty into another metal market this week after saying he would impose 50% tariffs on copper imports to the US, matching duties on aluminum and steel. He also suggested tariffs as high as 200% on pharmaceuticals.
On Wednesday, COMEX copper (HG=F) futures fell over 3% after initially jumping on Trump’s announcement. Trump’s plan to impose heavy duties has pushed costs for US factories up, with New York futures rising 25% above other global prices on Tuesday.
Meanwhile, China warned Trump on Tuesday against restarting trade tensions and that it would hit back at countries that make deals with the US to exclude China from supply chains.
Here is where things stand with various other partners:
Vietnam: A deal with Vietnam will see the country’s imports face a 20% tariff — lower than the 46% Trump had threatened in April. He also said Vietnamese goods would face a higher 40% tariff “on any transshipping” — when goods shipped from Vietnam originate from another country, like China.
European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for certain sectors. The bloc is racing to clinch a deal this week.
Canada: Canada has scrapped its digital services tax that was set to affect large US technology companies. The White House said trade talks between the two countries had resumed, with a deal by mid-July in focus.
Read more: What Trump’s tariffs mean for the economy and your wallet
Here are the latest updates as the policy reverberates around the world.
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1390 updates
Trump issues letters to seven more nations; Sri Lanka hit with 30% US tariffs
Sri Lanka, Algeria, Brunei, Iraq, Libya, Moldova and the Philippines hit with new tariffs. The steepest tariffs, at 30%, have been levied on Iraq, Algeria and Libya. These tariffs will come into effect from August 1. This move comes just a day after Trump unveiled a sweeping round of import tariffs of up to 40% on goods from 14 nations, including key trade players such as Bangladesh, Japan, and South Korea. The latest tariff saga follows Trump’s earlier move on April 2, a date he referred to as “Liberation Day,” when he introduced sweeping trade measures. A 10% duty was imposed on imports from almost all trade partners, with several countries—including some in the European Union—facing even steeper rates.
Trump took to his social media platform, Truth Social, to share official tariff letters sent directly to the heads of state of these nations. The steepest tariffs, at 30%, have been levied on Iraq, Algeria and Libya.
These tariffs will come into effect from August 1. This move comes just a day after Trump unveiled a sweeping round of import tariffs of up to 40% on goods from 14 nations, including key trade players such as Bangladesh, Japan, and South Korea. The US President appears to be ramping up his tough-on-trade stance as part of his broader economic agenda.
Here’s the list of countries with new tariffs:
1. Sri Lanka: 30%
2. Iraq: 30%
3. Algeria: 30%
4. Libya: 30%
5. Philippines: 25%
6. Brunei: 25%
7. Moldova: 25%
More tariffs on the horizon
In a post on Truth Social, Trump wrote, “We will be releasing a minimum of 7 countries having to do with trade, tomorrow morning, with an additional number of countries being released in the afternoon. Thank you for your attention to this matter!” — Signalling that even more tariff announcements are in the pipeline.
A day earlier, Trump had also revealed plans to impose a 10% tariff on imports from BRICS nations — Brazil, Russia, India, China, and South Africa.
Trump’s 90-day tariff pause comes to an end
The latest tariff saga follows Trump’s earlier move on April 2, a date he referred to as “Liberation Day,” when he introduced sweeping trade measures. A 10% duty was imposed on imports from almost all trade partners, with several countries—including some in the European Union—facing even steeper rates.
In reaction to a sharp decline in financial markets, Trump temporarily suspended the tariffs for 90 days to allow room for negotiations. That suspension period ends on Wednesday (July 9). So far, only modest progress has been achieved, with Washington finalising trade agreements with the United Kingdom and Vietnam, and securing a temporary deal with China to lower significantly high duties on certain products.
Trump had teased the announcement Tuesday evening, writing on social media that he “will be releasing a minimum of 7 Countries” on Wednesday morning and an “additional number of Countries” in the afternoon.
The new round comes two days after Trump first shared letters telling 14 countries’ leaders that their exports to the U.S. would face steep new tariffs starting Aug. 1.
The nearly identical two-page letters signed by Trump on Monday were sent to Japan, South Korea, Malaysia, Kazakhstan, South Africa, Laos, Myanmar, Bosnia and Herzegovina, Tunisia, Indonesia, Bangladesh, Serbia, Cambodia and Thailand.
The tariff rates for the 21 countries targeted so far range from 20% to 40%. The letters note that the U.S. will “perhaps” consider adjusting the new tariff levels, “depending on our relationship with your Country.”
That announcement sparked a week of turmoil in global trading markets, which only ended when Trump abruptly said he would pause those higher rates for 90 days.
That reprieve was set to expire Wednesday. But on Monday, Trump signed an executive order delaying the tariff deadline until Aug. 1.
In another post earlier Tuesday, Trump asserted that “there will be no change” to the August start date.
“No extensions will be granted,” he said.
–With Agencies inputs
Trump sends out tariff letters to 6 more countries but he avoids major…
President Donald Trump sent out tariff letters to six smaller U.S. trading partners. None of the countries targeted in the first batch of letters is a major industrial rival to the United States. Most economic analyses say the tariffs will worsen inflationary pressures and subtract from economic growth. Trump has used the taxes as a way to assert the diplomatic and financial power on both rivals and allies.
None of the countries targeted in the first batch of letters — the Philippines, Brunei, Moldova, Algeria, Libya and Iraq — is a major industrial rival to the United States. It’s a sign that a president who has openly expressed his love for the word “tariff” is still infatuated with the idea that taxing trade will create prosperity for America.
Most economic analyses say the tariffs will worsen inflationary pressures and subtract from economic growth, but Trump has used the taxes as a way to assert the diplomatic and financial power of the U.S. on both rivals and allies.
Officials for the European Union, a major trade partner and source of Trump’s ire on trade, said Tuesday that they are not expecting to receive a letter from Trump listing tariff rates. The Republican president started the process of announcing tariff rates on Monday by hitting two major U.S. trading partners, Japan and South Korea, with import taxes of 25%.
According to Trump’s letters, imports from Libya, Iraq and Algeria would be taxed at 30%, those from Moldova and Brunei at 25% and those from the Philippines at 20%. The tariffs would start Aug. 1.
The Census Bureau reported that last year U.S. ran a trade imbalance on goods of $1.4 billion with Algeria, $5.9 billion with Iraq, $900 million with Libya, $4.9 billion with the Philippines, $111 million with Brunei and $85 million with Moldova. The imbalance represents the difference between what the U.S. exported to those countries and what it imported.
Trump sends out tariff letters to 7 more countries but he avoids major US trade partners
On Monday, Trump placed a 35-year-old man in the middle of a room full of people who are trying to make a difference in the lives of people all over the world. On Wednesday, the world will be able to see how this man’s work is making a difference to people around the globe. The world will get to see what this man has been up to, and what he is going to be up to for the rest of his life. This is the first of a series of events that will take place over the course of the next few days to mark the start of a new year. The first of the events will be held in New York City on Wednesday, and the second will be in Washington, D.C. on Thursday. The event will be followed by events in Los Angeles, San Francisco, Seattle, San Diego, New York, Washington, Philadelphia, Chicago, Atlanta, Atlanta and San Francisco. The events will take places in the U.S. and Europe, as well as the UK and Australia.
None of the countries targeted in the letters — the Philippines, Brunei, Moldova, Algeria, Libya, Iraq and Sri Lanka — is a major industrial rival to the United States. It’s a sign that a president who has openly expressed his love for the word “tariff” is still infatuated with the idea that taxing trade will create prosperity for America.
Most economic analyses say the tariffs will worsen inflationary pressures and subtract from economic growth, but Trump has used the taxes as a way to assert the diplomatic and financial power of the U.S. on both rivals and allies. His administration is promising that the taxes on imports will lower trade imbalances, offset some of the cost of the tax cuts he signed into law on Friday and cause factory jobs to return to the United States.
Trump, during a White House meeting with African leaders talked up trade as a diplomatic tool. Trade, he said, “seems to be a foundation” for him to settle disputes between India and Pakistan, as well as Kosovo and Serbia.
“You guys are going to fight, we’re not going to trade,” Trump said. “And we seem to be quite successful in doing that.”
On Monday, Trump placed a 35% tariff on Serbia, one of the countries he was using as an example of how fostering trade can lead to peace.
Trump said the tariff rates in his letters were based on “common sense” and trade imbalances, adding that he would be sending a letter on Wednesday or Thursday to Brazil. Trump suggested he had not thought of penalizing the countries whose leaders were meeting with him in the Oval Office — Liberia, Senegal, Gabon, Mauritania and Guinea-Bissau — as “these are friends of mine now.”
Countries are not complaining about the rates outlined in his letters, he said, even though those tariffs are close to the ones announced April 2 that rattled financial markets. The S&P 500 index was up slightly in Wednesday afternoon trading.
“We really haven’t had too many complaints because I’m keeping them at a very low number, very conservative as you would say,” Trump said.
Officials for the European Union, a major trade partner and source of Trump’s ire on trade, said Tuesday that they are not expecting to receive a letter from Trump listing tariff rates. The Republican president started the process of announcing tariff rates on Monday by hitting two major U.S. trading partners, Japan and South Korea, with import taxes of 25%.
According to Trump’s letters, imports from Libya, Iraq, Algeria and Sri Lanka would be taxed at 30%, those from Moldova and Brunei at 25% and those from the Philippines at 20%. The tariffs would start Aug. 1.
The Census Bureau reported that last year U.S. ran a trade imbalance on goods of $1.4 billion with Algeria, $5.9 billion with Iraq, $900 million with Libya, $4.9 billion with the Philippines, $2.6 billion with Sri Lanka, $111 million with Brunei and $85 million with Moldova. The imbalance represents the difference between what the U.S. exported to those countries and what it imported.
Taken together, the trade imbalances with those seven countries are essentially a rounding error in a U.S. economy with a gross domestic product of $30 trillion.
The letters were posted on Truth Social after the expiration of a 90-day negotiating period with a baseline levy of 10%. Trump is giving countries more time to negotiate with his Aug. 1 deadline, but he has insisted there will be no extensions for the countries that receive letters.
Maros Sefcovic, the EU’s chief trade negotiator, told EU lawmakers in Strasbourg, France, on Wednesday that the EU had been spared the increased tariffs contained in the letters sent by Trump and that an extension of talks until Aug. 1 would provide “additional space to reach a satisfactory conclusion.”
Trump on April 2 proposed a 20% tariff for EU goods and then threatened to raise that to 50% after negotiations did not move as fast as he would have liked, only to return to the 10% baseline. The EU has 27 member states, including France, Germany, Italy and Spain.
The tariff letters are worded aggressively in Trump’s style of writing. He frames the tariffs as an invitation to “participate in the extraordinary Economy of the United States,” adding that the trade imbalances are a “major threat” to America’s economy and national security.
The president threatened additional tariffs on any country that attempts to retaliate. He said he chose to send the letters because it was too complicated for U.S. officials to negotiate with their counterparts in the countries with new tariffs. It can take years to broker trade accords.
Japanese Prime Minister Shigeru Ishiba interpreted the Aug. 1 deadline as a delay to allow more time for negotiations, although he cautioned in remarks that the tariffs would hurt his nation’s domestic industries and employment.
Malaysia’s trade minister, Zafrul Aziz, said Wednesday that his country would not meet all of the U.S. requests after a Trump letter placed a 25% tariff on its goods. Aziz said U.S. officials are seeking changes in government procurement, halal certification, medical standards and digital taxes. Aziz he indicated those were red lines.
Secretary of State Marco Rubio is set to arrive Thursday in Malaysia’s capital of Kuala Lumpur.
___
Associated Press writers David McHugh in Frankfurt, Germany and Eileen Ng in Kuala Lumpur, Malaysia, contributed to this report.
Trump tariffs live updates: Trump unveils new batch of tariff letters ahead of Aug. 1 deadline
President Trump is again amping up his trade threats, outlining tariffs on goods imported from their countries. Trump on Wednesday posted to social media six letters, highlighted by one to the president of the Philippines dictating a 20% tariff. He also sent letters to the leaders of Brunei, Moldova, Algeria, Iraq, Sri Lanka, and Libya. Trump injected fresh uncertainty into another metal market this week after saying he would impose 50% tariffs on copper imports to the US, matching duties on aluminum and steel.
Trump on Wednesday posted to social media six letters, highlighted by one to the president of the Philippines dictating a 20% tariff. He also sent letters to the leaders of Brunei, Moldova, Algeria, Iraq, Sri Lanka, and Libya. Those tariffs ranged from 20% to 30% and came in mostly in line with the duties he had announced on those countries’ imports back in April’s “Liberation Day” event.
Trump had posted 14 letters to countries on Monday, including South Africa, Malaysia, and Thailand, outlining tariffs ranging from 25% to 40%.
Meanwhile, Trump injected fresh uncertainty into another metal market this week after saying he would impose 50% tariffs on copper imports to the US, matching duties on aluminum and steel. He also suggested tariffs as high as 200% on pharmaceuticals.
On Wednesday, COMEX copper (HG=F) futures fell over 3% after initially jumping on Trump’s announcement. Trump’s plan to impose heavy duties has pushed costs for US factories up, with New York futures rising 25% above other global prices on Tuesday.
Meanwhile, China warned Trump on Tuesday against restarting trade tensions and that it would hit back at countries that make deals with the US to exclude China from supply chains.
Here is where things stand with various other partners:
Vietnam: A deal with Vietnam will see the country’s imports face a 20% tariff — lower than the 46% Trump had threatened in April. He also said Vietnamese goods would face a higher 40% tariff “on any transshipping” — when goods shipped from Vietnam originate from another country, like China.
European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for certain sectors. The bloc is racing to clinch a deal this week.
Canada: Canada has scrapped its digital services tax that was set to affect large US technology companies. The White House said trade talks between the two countries had resumed, with a deal by mid-July in focus.
Read more: What Trump’s tariffs mean for the economy and your wallet
Here are the latest updates as the policy reverberates around the world.
LIVE
1390 updates