Trump Threatens New Tariffs up to 30% on Seven More Countries

President Donald Trump has notified seven additional countries that the United States may impose new tariffs of up to 30% on imported goods starting August 1, pending trade negotiations. The countries include the Philippines, Sri Lanka, Moldova, Brunei, Algeria, Libya, and Iraq.

The move expands Trump's ongoing effort to pressure foreign governments into signing “reciprocal” trade deals. In a statement Wednesday, Trump said more details would soon be released regarding Brazil, which he called “not good to us.”

Tariff levels vary, with increases on goods from the Philippines and Brunei, and lower levels than previously announced for Sri Lanka, Moldova, Iraq, and Libya. Algeria remains at a proposed 30% rate. The seven nations exported a combined $29 billion in goods to the U.S. last year—less than 1% of total U.S. imports.

The White House says the tariffs respond to trade deficits and policies that Trump argues block American goods from competing abroad. In letters to each country’s leadership, Trump suggested manufacturing in the U.S. as a way to avoid tariffs.

Despite the sweeping threats, U.S. markets showed little reaction. The Dow rose 0.11%, the S&P 500 gained 0.25%, and the Nasdaq was up 0.58%.

Trump has now sent 21 tariff warning letters to foreign leaders this week. While Wednesday marked the original deadline for countries to secure deals, Trump extended it to August 1.

Credit: CNN Newsource

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