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U.S. President Donald Trump announced Wednesday that a new set of tariffs will take effect on August 1, targeting countries as part of a broader campaign to revise U.S. trade relationships.
The new tariffs, ranging from 20% to 30%, are detailed in official letters sent to the leaders of the Philippines, Brunei, Moldova, Iraq, Algeria, and Libya.
According to documents shared by Trump on Truth Social, the Philippines will face a 20% rate, Brunei and Moldova 25%, while Sri Lanka, Iraq, Algeria, and Libya will be subject to 30% duties.
Trump shared some letters on his social media platform Truth Social that talked about how the administration wants to have "more balanced and fair" trade. He said that the new rates are "far less than what's needed to eliminate the trade deficit disparity", but that they're a step in the right direction after years of imbalanced tariff and non-tariff practices.
He said that products sent through other countries to avoid tariffs would still be subject to the higher rates. Also, if those countries decide to put up their own tariffs, the U.S. will probably have to put up its tariffs too.
The move follows a similar wave of tariff announcements earlier in the week, with Trump pledging duties on a range of other countries and sectors. The administration had already scheduled a 25% tariff on goods from Japan and South Korea to begin on August 1.
Other countries affected in previous announcements include Malaysia, Kazakhstan, and Tunisia at 25%; South Africa and Bosnia and Herzegovina at 30%; Indonesia at 32%; Serbia and Bangladesh at 35%; Cambodia and Thailand at 36%; and Laos and Myanmar at 40%.
Trump’s administration has also imposed sector-specific tariffs on steel, aluminum, and automobiles since his return to office in January. More recently, he announced plans to introduce tariffs on copper and pharmaceutical products.
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