Trump Announces New Tariffs on Additional Countries

President Donald Trump revealed on Wednesday that new tariffs would be implemented targeting six more trading partners.

Starting on August 1, the U.S. will impose 30% tariffs on Algeria, Libya, and Iraq; 25% on Brunei and Moldova; and 20% on the Philippines. This comes after Trump’s earlier announcement on Monday that Japan and South Korea would also face a 25% tariff.

In his statement, he mentioned, “If you want to open up trading markets that were previously closed to the U.S. and eliminate tariffs, we could consider adjusting our approach. These tariffs might change, depending on the relationship we have with your country.” It feels a bit strategic, perhaps even a form of negotiation.

The administration has also hinted that by July 9, countries that fail to negotiate trade agreements with the U.S. could face unexpected tariffs. However, that deadline has now been extended to August 1.

Since taking office in January, Trump’s administration has actively evaluated unfair trade practices that could hurt the U.S. economy. On April 2, he discussed tariffs, noting that nearly every country has them, though a 90-day suspension was announced shortly after, reducing most tariffs to a baseline of 10%. It’s an ongoing situation, really.

The new tariff rates announced today closely resemble those initially revealed in April.

Trump also cautioned over the weekend that countries he labeled as following an “anti-American” policy, such as China, Russia, and India, might see an additional 10% tariff. Somehow, that feels a bit ominous.

Thus far, the Trump administration has managed to secure trade agreements with the UK, Vietnam, and a temporary deal with China.