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Yahoo
09-07-2025
- Business
- Yahoo
Trump makes new tariff threats from the Philippines to Moldova as his trade letter tally reaches 21
Donald Trump released another round of letters to trade partners Wednesday that didn't include updates on negotiated deals but offered new threats of rates ranging from 20% to 30% on nations from the Philippines to Moldova set to take effect on Aug. 1. The entire list of seven letters released Wednesday so far includes 30% rates for Algeria, Iraq, Libya, and Sri Lanka; 25% rates for Brunei and Moldova; and a 20% rate for the Philippines. The list focused on lower-level trading partners. The Philippines was the biggest announcement Wednesday, but that nation ranks about 30th in US trading partners by value, according to US government data. The rates continued a trend of announcements this week of rates that largely tracked what was first announced in April, with some alterations. The Philippines, for example, saw its proposed rate jump slightly from 17% to 20%. Moldova saw a decrease from 31% to 25% and Algeria saw their rate unchanged at 30%. President Trump was also asked Wednesday how he came to his new tariff rates with the president responding it "was a formula based on common sense, based on deficits, based on how we've been treated over the years, and based on raw numbers." In April, Trump came up with his tariff rates purely based on trade deficits. The president Wednesday afternoon also teased additional letters, including one for Brazil, that could come later today or tomorrow morning. This latest flurry of pronouncements comes on top of 14 letters issued Monday and during a week that has seen a surge in bellicose new rhetoric from the president including the announcement of new 50% tariffs on copper. But markets have largely ignored the news after one of the first moves from the president this week was to push ahead his "reciprocal" tariff deadlines by about three weeks via executive action. "Trade negotiations take time, and the notion you're going to be simultaneously negotiating with dozens of countries just really limits the bandwidth of the negotiating teams," Wendy Cutler, a former trade negotiator currently at the Asia Society, said in a live Yahoo Finance appearance Wednesday. "Aug. 1 now is the next deadline," she added, "and even though the president is saying there'll be no more further extensions, I think our trading partners are beginning to realize that this may go on and on and on." Read more: The latest news and updates on Trump's tariffs Also damping the potential effect was that Wednesday's series of letters — which appeared in sequence on Truth Social starting a little after 11:30 a.m. ET — lacked any signs of progress on deals with India and the EU, as arrangements with two of the US's major trading partners remain outstanding. The chances of a deal with Europe got more complicated after Trump said on Tuesday, "We are probably two days off from sending them a letter." European Commission President Ursula von der Leyen offered early Wednesday morning that Europe would continue to negotiate, but "we get ready for all scenarios." It was the first of two promised releases on Wednesday, with Trump promising "an additional number of Countries being released in the afternoon." Read more: 5 ways to tariff-proof your finances This was all after a deadline delay that, the Wall Street Journal reported Wednesday, came at the request of Treasury Secretary Scott Bessent, who said he could secure trade deals with more time. The new timeline clearly dampened any market effects this week. "The markets watched it all with as much interest as watching reruns on TV," quipped Edward Yardeni in a note to clients about developments so far before this latest letter release. "President Donald Trump huffed and puffed again. The financial markets' reaction was ho-hum." Skepticism also appeared to deepen further on Wednesday on the question of whether the terms in Trump's letters would indeed be in place in August after Trump trade counselor Peter Navarro offered on Fox Business Wednesday morning that these letters are being absorbed well by markets because they understand "these are all negotiations as we move in time." This story has been updated with additional developments. Ben Werschkul is a Washington correspondent for Yahoo Finance. Click here for political news related to business and money policies that will shape tomorrow's stock prices Sign in to access your portfolio
Khaleej Times
09-07-2025
- Business
- Khaleej Times
Trump tariffs: US President issues letters to 7 more countries
US President Donald Trump released a fresh set of letters to trading partners Wednesday, setting out tariff rates for seven more countries as Washington pushes to bring about a flurry of trade deals. The letters, addressed to leaders of the Philippines, Sri Lanka, Brunei, Algeria, Libya, Iraq and Moldova, spelled out duties ranging from 20 percent to 30 percent that would take effect on August 1. Similar to Trump's first batch of documents published Monday, the levels were not too far from those originally threatened in April, although some partners received notably lower rates this time. Stay up to date with the latest news. Follow KT on WhatsApp Channels. Sri Lanka's updated tariff was 30 percent, down from 44 percent announced in April, while the figure for Iraq was 30 percent, down from 39 percent. The Philippines, however, saw a 20 percent levy, up from 17 percent announced previously. While the president in April imposed a 10 percent levy on almost all trading partners, he unveiled — and then withheld — higher rates for dozens of economies. The deadline for those steeper levels to take effect was meant to be Wednesday, before Trump postponed it further to August 1. Instead, countries who face the threats of elevated duties began receiving letters spelling out US tariff rates on their products. Trump said Wednesday that he decided on the levies based on "common sense" and trade deficits. He added at an event that he would release more letters later in the day -- including for Brazil, which does not currently face a tariff hike come August. Trump's latest messages were near-identical to those published earlier in the week, and justified his tariffs as a response to trade ties that he says are "far from Reciprocal." They urged countries to manufacture products in the United States to avoid duties, while threatening further escalation if leaders retaliated. For now, over 20 countries have received Trump's letters including key US allies Japan and South Korea, as well as Indonesia, Bangladesh and Thailand. EU deal in 'coming days'? Analysts have noted that Asian countries have been a key target so far. But all eyes are on the state of negotiations with major partners who have yet to receive such letters, including the European Union. For now, the Trump administration is under pressure to unveil more trade pacts. So far, Washington has only reached agreements with Britain and Vietnam, alongside a deal to temporarily lower tit-for-tat levies with China. Trump on Tuesday said that his government was "probably two days off" from sending the EU a letter with an updated tariff rate for the bloc. "They're very tough, but now they're being very nice to us," he added at a cabinet meeting. An EU spokesman said Wednesday that the bloc wants to strike a deal with the United States "in the coming days," and has shown readiness to reach an agreement in principle. EU diplomats say the European Commission, in charge of trade policy for the 27-country bloc, could continue talks until August 1. The EU expects Trump to keep a 10 percent baseline tariff on its goods, with exemptions for critical sectors such as airplanes, spirits and cosmetics, diplomats told AFP this week. Legal challenges to Trump's sweeping tariffs are continuing to work their way through the US court system. Apart from tariffs targeting goods from different countries, Trump has also rolled out sector-specific duties on steel, aluminum and autos since returning to the White House in January. On Tuesday, Trump said levies were incoming on copper and pharmaceuticals. The planned rate for copper is 50 percent, he added, while pharmaceutical products face a levy as high as 200 percent -- but manufacturers would be given time to relocate operations.
CNN
09-07-2025
- Business
- CNN
Trump threatens more countries with tariffs as high as 30%
President Donald Trump sent letters to the leaders of five more countries Wednesday, adding to the growing list of US trading partners for whom he has set new tariff rates. Among the latest recipients were the Philippines, Moldova, Algeria, Libya and Iraq, with rates going as high as 30% on goods they ship to the United States. The new tariffs go into effect August 1, pending negotiations. The US and various trading partners have been negotiating new trade agreements since Trump announced so-called 'reciprocal' tariffs back in April. Yet few deals have come to fruition. During a cabinet meeting on Tuesday, Trump said 'a letter means a deal.' But that doesn't appear to be how some countries are perceiving the missives. In the letters, Trump wrote that he takes particular issue with the trade deficits the United States runs with other nations, meaning America buys more goods from there compared to how much American businesses export to those countries. Trump also said the tariffs would be set in response to other policies that he deems are impeding American goods from being sold abroad. Trump encouraged world leaders to manufacture goods in the United States to avoid tariffs. If they chose to retaliate by slapping higher tariffs on American goods, Trump threatened to tack that onto the rate charged on their country's goods shipped to the United States. This is a developing story. It will be updated.
CNN
09-07-2025
- Business
- CNN
Trump threatens more countries with tariffs as high as 30%
President Donald Trump sent letters to the leaders of five more countries Wednesday, adding to the growing list of US trading partners for whom he has set new tariff rates. Among the latest recipients were the Philippines, Moldova, Algeria, Libya and Iraq, with rates going as high as 30% on goods they ship to the United States. The new tariffs go into effect August 1, pending negotiations. The US and various trading partners have been negotiating new trade agreements since Trump announced so-called 'reciprocal' tariffs back in April. Yet few deals have come to fruition. During a cabinet meeting on Tuesday, Trump said 'a letter means a deal.' But that doesn't appear to be how some countries are perceiving the missives. In the letters, Trump wrote that he takes particular issue with the trade deficits the United States runs with other nations, meaning America buys more goods from there compared to how much American businesses export to those countries. Trump also said the tariffs would be set in response to other policies that he deems are impeding American goods from being sold abroad. Trump encouraged world leaders to manufacture goods in the United States to avoid tariffs. If they chose to retaliate by slapping higher tariffs on American goods, Trump threatened to tack that onto the rate charged on their country's goods shipped to the United States. This is a developing story. It will be updated.
CNN
09-07-2025
- Business
- CNN
Trump threatens more countries with tariffs as high as 30%
President Donald Trump sent letters to the leaders of five more countries Wednesday, adding to the growing list of US trading partners for whom he has set new tariff rates. Among the latest recipients were the Philippines, Moldova, Algeria, Libya and Iraq, with rates going as high as 30% on goods they ship to the United States. The new tariffs go into effect August 1, pending negotiations. The US and various trading partners have been negotiating new trade agreements since Trump announced so-called 'reciprocal' tariffs back in April. Yet few deals have come to fruition. During a cabinet meeting on Tuesday, Trump said 'a letter means a deal.' But that doesn't appear to be how some countries are perceiving the missives. In the letters, Trump wrote that he takes particular issue with the trade deficits the United States runs with other nations, meaning America buys more goods from there compared to how much American businesses export to those countries. Trump also said the tariffs would be set in response to other policies that he deems are impeding American goods from being sold abroad. Trump encouraged world leaders to manufacture goods in the United States to avoid tariffs. If they chose to retaliate by slapping higher tariffs on American goods, Trump threatened to tack that onto the rate charged on their country's goods shipped to the United States. This is a developing story. It will be updated.
