US President Donald Trump on Wednesday announced a fresh round of tariffs on imports from seven nations – Sri Lanka, Algeria, Iraq, Libya, the Philippines, Moldova and Brunei. These tariffs will come into effect on August 1.
The White House has shared letters sent by Trump to leaders of these seven nations, which mentioned the tariffs they will face while exporting goods to the US.
According to the letters, the US will impose a 30 per cent tariff on goods imported from Sri Lanka, Iraq, Algeria and Libya. In the letters, Trump mentioned that Moldova will face a tariff of 25 per cent when exporting goods to the US. According to the letter, imports from Brunei will face a 25 per cent tariff while the Philippines will be facing 20 per cent.
In the letters, Trump threatened to increase the tariff rate by the same amount if the countries decided to raise their tariffs on importing American products. However, the US President indicated his willingness to reduce these tariffs if these countries revised their trade policies.
Trump concluded the letters written to all seven nations with the same message that reads, “We look forward to working with you as your Trading Partner for many years to come. If you wish to open your heretofore closed Trading Markets to the United States, and eliminate your Tariff, and Non-Tariff, Policies and Trade Barriers, we will, perhaps, consider an adjustment to this letter. These Tariffs may be modified, upward or downward, depending on our relationship with your Country. You will never be disappointed with The United States of America.”
On July 8, Trump announced that tariffs would come into effect on August 1, 2025, and must be paid without any extensions.
In a post shared on Truth Social, Trump stated, “As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 – No extensions will be granted. Thank you for your attention to this matter!”
Trump on Monday (local time) said the proposed tariff arrangements aim to ensure fairness and remain open to negotiation if other countries are willing to make a fair deal.
“We’re always subject to negotiations when something is fair, but we’ve talked to most of the countries. Pretty much they have had their way for many, many decades. It was time that we just wanted fairness. This is not really equitable from our standpoint because this is a small token by comparison to damages been done over the years but we had no other president that was willing to do this, but I did it,” he said.
He added that his second term would outperform his first in terms of tariff collection and economic impact.
“Even in my first term with China and others. We took in hundreds and billions of dollars of tariffs. No inflation, the most successful period of time we’ve ever had financially in the country- the first term, I think this time’s going to be much better. Even better than the last time. This is going to be substantially better, and we’re on our way doing that. We have already taken in over a hundred billion dollars’ worth of tariffs and we haven’t even started. All I have to say to other countries- some of them want to make it real and fair. Others got a little bit spoilt. For years, they have taken advantage of the country. So I would say final, but if they call with different alternative, I will do it,” he said.
When asked if he is firm on his August 1 deadline for US tariffs, Trump said, “I would say firm but not a 100 per cent firm. If they call up and they say we would like to do something in a different way, we will be open to that.”
Earlier, Trump shared letters sent by his administration to 14 countries, informing them of the reciprocal tariffs that will take effect from August 1.
Trump first shared the letters sent to Japan’s Prime Minister Fumio Kishida and South Korea’s President Yoon Suk-yeol. Around two hours later, he announced that similar letters had been sent to Malaysia, Kazakhstan, South Africa, Myanmar, and Laos.
Later, he shared tariff letters sent to leaders of other countries, including Thailand, Bangladesh, Indonesia, Tunisia, Bosnia and Herzegovina, Serbia and Cambodia. In the letters written to the South Korean President and the Japanese Prime Minister, Trump stated that Japan and South Korea will face a 25 per cent tariff from August 1.
Meanwhile, Thailand and Cambodia each will face a tariff of 36 per cent, while Bangladesh and Serbia will each be hit with a tariff of 35 per cent. Trump also mentioned that Malaysia and Kazakhstan will each face 25 per cent tariffs, with Myanmar and Laos facing a 40 per cent tariff on their goods exported to the US.
Indonesia will face a tariff rate of 32 per cent, and imports from South Africa and Bosnia and Herzegovina will be subject to 30 per cent tariffs on August 1. According to his letters, Tunisia will face a tariff of 25 per cent. (ANI)
