US President Donald Trump ramped up his administration’s tariff attack on Wednesday by releasing new trade notices against seven more nations, threatening import tariffs that will go into effect on August 1. The latest targets are the Philippines, Sri Lanka, Brunei, Algeria, Libya, Iraq, and Moldova, as per an AFP report.
The letters specify rates between 20% and 30%, backing up Trump’s overall policy of relying on trade pressure to get bilateral agreements. Some countries experienced modified rates from previous offers Sri Lanka and Iraq both had their rates decreased to 30% while the Philippines had its tariff rise from 17% to 20%.
The action follows an identical round of letters published earlier this week and is part of a rapidly expanding list of more than 20 countries including key allies Japan and South Korea that have been given tariff notice. The first tranche of tariffs, which were introduced in April as part of a 10% base rate on most trading partners, was pushed back to August 1 to give room for talks.
At a public event, Trump defended the tariffs as “common sense,” citing trade imbalances and a need to “rebalance” relationships. He said a letter to Brazil was also in the pipeline and hinted that talks with the European Union could conclude soon. “We’re probably two days off from sending a letter to the EU,” Trump said.
EU officials confirmed that talks were under way and were optimistic an agreement would be reached. Trump meanwhile signaled additional tariffs, including a 50% tariff on copper and as much as 200% on pharmaceutical imports, although manufacturers would have a transition period to move production elsewhere.
With legal challenges to the tariffs ongoing in US courts, Trump’s hardline trade agenda gains no momentum, with additional nations preparing for economic pressure.