Trump Reveals New Batch of Tariffs From Iraq to Philippines
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President Donald Trump unveiled a new round of tariff demand letters on July 9 with levies set to hit in August on imported goods from partners who fail to reach agreements with the U.S.
Trump said he would levy a 30% rate on Algeria, Libya, Iraq and Sri Lanka, with 25% duties on products from Brunei and Moldova and a 20% rate on goods from the Philippines. The levies were largely in line with rates Trump had initially announced in April, though Iraq’s duties are down from 39% and Sri Lanka’s reduced from 44%.
Trump began notifying trading partners of new rates on July 7 ahead of a deadline this week for countries to wrap up negotiations with his administration — and posted to social media that he planned to release “a minimum of 7” letters on the morning of July 9, with additional rates to be posted in the afternoon.
Out of the seven countries mentioned in Trump’s announcements so far on July 9, only the Philippines — which sent some $14.1 billion of goods to the U.S. last year — ranks among America’s top 50 trade partners. Products it typically sells on U.S. markets include electronics, auto parts and textiles.
New media post from Donald J. Trump (TS: 09 Jul 15:36 UTC) — Trump Truth Social Posts On X (@TrumpTruthOnX)
Imports from the other six nations put together amounted to less than $15 billion last year, with Iraq — an exporter of crude oil — accounting for about half of that sum.
So far, the latest warnings have done little to rattle markets, with traders focusing on Trump’s overall extension of the deadline for the so-called reciprocal tariffs to Aug. 1. That has effectively given trading partners an extension for talks and initially fueled skepticism on Wall Street that he would follow through on his import taxes.
READ MORE:A Look at the 14 Countries That Received Trade Letters
Trump added to that uncertainty earlier this week by claiming he was “not 100% firm” on that new cutoff date for talks. He has since sought to signal to investors and trading partners that he is committed to carrying out his tariff threats, vowing July 8 that “all money will be due and payable starting AUGUST 1, 2025 — No extensions will be granted” on country-specific levies.
As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change. In other… — Trump Truth Social Posts On X (@TrumpTruthOnX)
The president also raised the stakes for two key trading partners, saying the European Union could receive a unilateral tariff rate soon despite progress in negotiations, and vowing to hit India with an additional 10% levy for its participation in the BRICS bloc of developing nations, which Trump says is threatening the U.S. dollar’s status as the world’s key currency.
And he raised the specter of more industry-specific tariffs, floating a 50% rate on copper products that sent that metal climbing as high as 17% in New York on July 8, a record one-day spike. He also pitched tariffs as high as 200% on pharmaceutical imports if drug companies don’t shift production to the U.S. in the next year.
The barrage of letters and fresh tariff threats marked the latest turn in a dizzying trade agenda that has spurred volatility in markets and left consumers, businesses and trading partners anxious about the impact on trade flows and the global economy.
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Trump initially announced the so-called reciprocal tariffs on April 2, but after markets reacted with alarm, paused the higher duties to 10% for a 90-day negotiating period that was set to end on July 9 before the latest three-week extension.
Trump’s letters on July 7 targeted countries including Japan, South Korea, South Africa, Indonesia, Thailand and Cambodia. Most of the tariff rates, however, were largely in line with what Trump had already announced the nations were likely to face.
While Trump has touted his tariff notification letters as deals, even the actual agreements he has managed to strike during the negotiating period with the U.K. and Vietnam have been far short of comprehensive, leaving many details unclear. Trump also secured a truce with China to lower rates and ease the flow of critical earth minerals.
