Trump issues letters to seven more nations; Sri Lanka hit with 30% US tariffs

US President Donald Trump on Wednesday announced a fresh round of tariffs targeting seven countries -- Sri Lanka, Algeria, Brunei, Iraq, Libya, Moldova and the Philippines. 

Trump took to his social media platform, Truth Social, to share official tariff letters sent directly to the heads of state of these nations. The steepest tariffs, at 30%, have been levied on Iraq, Algeria and Libya. 

These tariffs will come into effect from August 1.  This move comes just a day after Trump unveiled a sweeping round of import tariffs of up to 40% on goods from 14 nations, including key trade players such as Bangladesh, Japan, and South Korea. The US President appears to be ramping up his tough-on-trade stance as part of his broader economic agenda.

Here’s the list of countries with new tariffs:

1. Sri Lanka: 30%

2. Iraq: 30%

3. Algeria: 30%

4. Libya: 30%

5. Philippines: 25%

6. Brunei: 25%

7. Moldova: 25%

More tariffs on the horizon

In a post on Truth Social, Trump wrote, “We will be releasing a minimum of 7 countries having to do with trade, tomorrow morning, with an additional number of countries being released in the afternoon. Thank you for your attention to this matter!”  -- Signalling that even more tariff announcements are in the pipeline. 

A day earlier, Trump had also revealed plans to impose a 10% tariff on imports from BRICS nations — Brazil, Russia, India, China, and South Africa.

Trump’s 90-day tariff pause comes to an end

The latest tariff saga follows Trump’s earlier move on April 2, a date he referred to as “Liberation Day,” when he introduced sweeping trade measures. A 10% duty was imposed on imports from almost all trade partners, with several countries—including some in the European Union—facing even steeper rates. 

In reaction to a sharp decline in financial markets, Trump temporarily suspended the tariffs for 90 days to allow room for negotiations. That suspension period ends on Wednesday (July 9). So far, only modest progress has been achieved, with Washington finalising trade agreements with the United Kingdom and Vietnam, and securing a temporary deal with China to lower significantly high duties on certain products.

Trump had teased the announcement Tuesday evening, writing on social media that he “will be releasing a minimum of 7 Countries” on Wednesday morning and an “additional number of Countries” in the afternoon.

The new round comes two days after Trump first shared letters telling 14 countries’ leaders that their exports to the U.S. would face steep new tariffs starting Aug. 1.

The nearly identical two-page letters signed by Trump on Monday were sent to Japan, South Korea, Malaysia,  Kazakhstan, South Africa, Laos, Myanmar, Bosnia and Herzegovina, Tunisia, Indonesia, Bangladesh, Serbia, Cambodia and Thailand.

The tariff rates for the 21 countries targeted so far range from 20% to 40%. The letters note that the U.S. will “perhaps” consider adjusting the new tariff levels, “depending on our relationship with your Country.”

That announcement sparked a week of turmoil in global trading markets, which only ended when Trump abruptly said he would pause those higher rates for 90 days.

That reprieve was set to expire Wednesday. But on Monday, Trump signed an executive order delaying the tariff deadline until Aug. 1.

In another post earlier Tuesday, Trump asserted that “there will be no change” to the August start date.

“No extensions will be granted,” he said.

--With Agencies inputs