US President Donald Trump intensified his trade war on Wednesday by declaring harsh new tariffs on eight nations, including a 50% duty on Brazil, as part of a broader initiative to address “unfair trade imbalances.” The latest tariff to go out from the Trump Administration is for Canada which now has a 35% tariff levied against it, as per a letter sent out on 10th July.
New tariff notices were issued to Algeria, Brunei, Iraq, Libya, Moldova, the Philippines, and Sri Lanka, in addition to Brazil, which would be subject to the highest rate. Trump’s Truth Social platform posted the directions, which also included letters to foreign leaders outlining 30% duties on Algeria, Iraq, Libya, and Sri Lanka, 25% on Brunei and Moldova, and 20% on the Philippines. On 1st August, all additional tariffs, including the 50% charge on goods from Brazil, will go into effect.
The statement comes after Trump made a similar action on Monday, imposing a 25% duty on all Japanese and South Korean imports. Trump said that the imposed rate was “far less” than what he thought was required to close the United States’ ongoing trade deficits with both East Asian countries, calling the decision “overdue.”
Trump swiftly expanded the tariffs to twelve other nations, including Malaysia (25%), Kazakhstan (25%), Tunisia (25%), South Africa (30%), Laos (40%), Myanmar (40%), Indonesia (32%), Bangladesh (35%), Thailand (36%), Cambodia (36%), Bosnia and Herzegovina (30%), Serbia (35%).
By promising that businesses who relocated their production facilities to the United States would not be subject to the new tariffs, Obama also extended an olive branch to foreign manufacturers.
Trump warned the newly targeted countries that any retaliatory actions would lead to additional tariff increases by Washington, indicating a confrontational approach that would certainly cause problems on several continents.
Trump’s ongoing emphasis on trade imbalances as a central tenet of his economic program coincides with the tariff regime’s growth, creating tensions in international trade before its implementation date of August 1.
While asserting that the Brics—Brazil, Russia, India, China, and South Africa—were organised to harm America, Donald Trump also threatened to impose 10% tariffs on the countries in the near future.
Speaking to reporters at the White House, Trump declared, “Anybody that’s in Brics is getting a 10% charge pretty soon.”
This was one day after the White House declared that Trump has promised to do all in his power to guarantee that the United States is “fairly treated on the world stage” and sees the Brics alliance as a growing danger to American interests.
