US President Donald Trump on Wednesday announced a fresh round of tariffs targeting seven countries -- Algeria, Brunei, Iraq, Libya, Moldova, Sri Lanka and the Philippines. 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:
- Iraq: 30%
- Algeria: 30%
- Libya: 30%
- Sri Lanka: 30%
- Philippines: 25%
- Brunei: 25%
- Moldova: 25%
No tariff on India so far
India, which is negotiating a trade pact with the US, has not figured in the list of countries that have been issued tariff letters by the Trump administration on Wednesday so far. The decision will provide relief to Indian exporters, as both countries are currently engaged in negotiations for a trade agreement. The US has issued tariff letters to 21 countries so far. "I have a good relationship with China’s President Xi, China is paying a lot of tariffs to the US. I will have more tariff letters coming out today," Trump stated.
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.
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