Trump unveils latest tariff rates for six countries
Trump said he would levy a 30 per cent rate on Algeria, Libya and Iraq, with 25 per cent duties on products from Brunei and Moldova and a 20 per cent rate on goods from the Philippines. The levies were largely in line with rates Trump had initially announced in April, though Iraq's duties are down from 39 per cent, while the Philippines rose from 17 per cent.
Trump began notifying trading partners of new rates on Monday ahead of a deadline this week for countries to wrap up trade negotiations with his administration. But the president also extended that deadline from Wednesday to Aug 1 in an executive order effectively giving trading partners an extension for talks and initially fuelling scepticism on Wall Street that he would follow through on his import taxes.
Trump added to that uncertainty earlier this week by claiming he was 'not 100 per cent firm' on that new cut-off date for talks. He has since sought to signal to investors and trading partners that he is committed to carrying out his tariff threats, vowing Tuesday that 'all money will be due and payable starting AUGUST 1, 2025 – No extensions will be granted' on country-specific levies.
The president also raised the stakes for two key trading partners, saying the European Union could receive a unilateral tariff rate soon despite progress in negotiations and vowing to hit India with an additional 10 per cent levy for its participation in the Brics bloc of developing nations, which Trump sees as threatening the US dollar's status as the world's key currency.
And he raised the spectre of more industry-specific tariffs, floating a 50 per cent rate on copper products that sent that metal climbing as high as 17 per cent in New York on Tuesday, a record one-day spike. He also pitched tariffs as high as 200 per cent on pharmaceutical imports if drug companies don't shift production to the US in the next year.
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The barrage of letters and fresh tariff threats marked the latest turn in a dizzying trade agenda that has spurred volatility in markets and left consumers, businesses and trading partners anxious about the impact on trade flows and the global economy.
He initially announced the so-called reciprocal tariffs on April 2, but after markets reacted with alarm, paused the higher duties to 10 per cent for a 90-day negotiating period that was set to end on Wednesday, July nine before the latest three-week extension.
Trump's letters on Monday targeted countries including Japan, South Korea, South Africa, Indonesia, Thailand and Cambodia. Most of the tariff rates, however, were largely in line with what Trump had already announced the nations were likely to face.
While Trump has touted his tariff notification letters as deals, even the actual agreements he has managed to strike during the negotiating period with the UK and Vietnam have been far short of comprehensive, leaving many details unclear. Trump also secured a truce with China to lower rates and ease the flow of critical Earth minerals. BLOOMBERG
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