In a new wave of tariff announcements, U.S. President Donald Trump has sent official letters to six additional countries, informing them of sharply increased import duties set to take effect August 1, 2025. The latest recipients of these letters are the Philippines, Brunei, Moldova, Algeria, Iraq, and Libya.
The newly imposed rates vary by country. Imports from Algeria, Libya, and Iraq will face a 30% tariff. Brunei and Moldova will be subject to a 25% tariff, while the Philippines will see a 20% rate. These figures align closely with the reciprocal tariff structure introduced in April, though adjustments have been made: Iraq’s rate was reduced from a previously announced 39%, while the Philippines’ rate was raised from 17%.
FILE PHOTO: U.S. President Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, D.C., U.S., April 2, 2025. REUTERS/Carlos Barria/File Photo
Trump began notifying trade partners of the updated tariffs on Monday. Originally, these nations had until this week to finalize trade negotiations with the U.S., but an executive order has extended the deadline to August 1. The president initially introduced some uncertainty by stating he was not “100% firm” on the date. However, he has since reinforced his commitment, declaring that “all funds will be due and payable by August 1, 2025 — no extensions will be granted.”
Trump’s new approach includes threats of wider-reaching economic action. He warned that the European Union could face unilateral tariff hikes, despite recent progress in negotiations. He also announced a planned 10% tariff on Indian goods in response to India’s participation in the BRICS economic bloc, which Trump claims threatens the U.S. dollar’s global dominance.
Further increasing tensions, Trump proposed sector-specific tariffs, including a 50% duty on copper imports, which led to a dramatic 17% surge in copper prices in New York — a record single-day increase. In addition, he suggested tariffs of up to 200% on imported pharmaceuticals if companies do not relocate manufacturing to the U.S. within a year.
Assorted plastic products are displayed at a wholesale market in Manila, Philippines, July 10, 2025. REUTERS/Eloisa Lopez
This latest round of letters comes just two days after Trump disclosed a similar notice sent to 14 other nations. These included Japan, South Korea, Malaysia, Kazakhstan, South Africa, Laos, Myanmar, Bosnia and Herzegovina, Tunisia, Indonesia, Bangladesh, Serbia, Cambodia, and Thailand. The tariffs in those letters range from 20% to 40%. Each letter, nearly identical and two pages in length, notes that the U.S. “may” adjust tariffs “based on our relationship with your country.”
These moves echo the trade measures Trump introduced on April 2 under what he termed “Liberation Day,” during which a standard 10% duty was applied to most global imports, with much higher rates reserved for specific countries.
Despite Trump referring to the tariff notification letters as “agreements,” most of the trade arrangements remain incomplete. Even deals struck with key partners such as the United Kingdom and Vietnam are still lacking crucial details. Meanwhile, a temporary truce with China appears to have been reached, involving a reduction in tariffs and easing restrictions on critical mineral exports.
As the August 1 deadline looms, global markets and policymakers alike are closely watching the evolving U.S. trade landscape. The Trump administration’s aggressive tariff strategy signals a significant shift in international trade dynamics, with lasting implications for global commerce.
source: ot.gr
