Trump issued new round of tariff letters six countries
US President Donald Trump issued new round of tariff letters six countries, including Algeria, Brunei, Iraq, Libya, Moldova and the Philippines.
The letters, which were sent on Wednesday, call for tariffs of 30 percent on Algeria and Iraq; 25 percent on Brunei, Libya and Moldova; 20 percent on the Philippines – the largest of the trading partners announced on Wednesday. The tariffs are expected to start on August 1.
Trump posted the letters on Truth Social after the expiration of a 90-day negotiating period that began with a baseline levy of 10 percent. Trump is giving countries more time to negotiate before his August 1 deadline, but he has insisted there will be no extensions for the countries that receive letters.
US reports trade imbalance with six countries
The Census Bureau reported that last year, the US ran a trade imbalance on goods of $1.4bn with Algeria, $5.9bn with Iraq, $900m with Libya, $4.9bn with the Philippines, $111m with Brunei and $85m with Moldova.
The imbalance represents the difference between what the US exported to those countries and what it imported. None of the countries listed are major industrial rivals to the United States.
Taken together, the trade imbalances with those six countries are essentially a rounding error in a US economy with a gross domestic product (GDP) of $30 trillion.
Wednesday’s letters are the latest in a slate the Trump Administration sent to nations around the globe. On Monday, he threatened Japan and South Korea with 25 percent tariffs, stepping up pressure on the two historical US allies and a dozen other economies to reach trade deals with Washington.
