US President Donald Trump announced a new round of tariff demand letters on Wednesday (July 9), with levies set to take effect in August on imports from partners that failed to reach agreements with the US.

Trump said he would impose 30% tariffs on Algeria, Libya, and Iraq, with 25% duties on products from Brunei and Moldova, and 20% tariffs on goods from the Philippines. These levies are largely in line with the tariffs Trump initially announced in April, although the Iraqi tariff was reduced from 39%, while the Philippines' was increased from 17%.

Trump began notifying trading partners of the new tariffs on Monday ahead of this week's deadline for countries to conclude negotiations with his administration — and posted on social media that he planned to release "at least seven" letters Wednesday morning, with additional tariffs to be posted later in the day.

Ultimately, only six countries were posted in the initial wave on his Truth Social platform. The White House did not immediately respond to a request for comment on the discrepancy.

Of the six countries mentioned in Trump's announcement on Wednesday, only the Philippines—which shipped about $14.1 billion worth of goods to the U.S. last year—is among America's top 50 trading partners. Products typically sold in the U.S. market include electronics, auto parts, and textiles.

Imports from the other five countries combined totaled less than $12 billion last year, with Iraq—a crude oil exporter—accounting for more than half of that amount.

So far, the latest warnings have not significantly shaken markets, with traders focused on Trump's extension of the deadline for so-called reciprocal tariffs to August 1. This effectively gave trading partners more time for negotiations and initially fueled skepticism on Wall Street that he would follow through on his import taxes.

Trump added to the uncertainty earlier this week by claiming he was "not 100% sure" of the new deadline for the talks. Since then, he has sought to signal to investors and trading partners that he is committed to carrying out his tariff threats, promising on Tuesday that "all monies will be due and payable beginning August 1, 2025—no extensions will be granted" for country-specific levies.

The president also raised the stakes for two major trading partners, saying the European Union could soon accept unilateral tariffs despite progress in negotiations, and vowing to hit India with an additional 10% levy for its participation in the BRICS bloc of emerging economies, which Trump says threatens the U.S. dollar's status as the world's leading currency.

And he raised the specter of more industry-specific tariffs, floating a 50% tariff on copper products that sent the metal soaring as high as 17% in New York on Tuesday, a record single-day surge. He also proposed tariffs as high as 200% on pharmaceutical imports if drug companies do not shift production to the U.S. next year. (alg)

Source: Bloomberg