Trump announces increased tariffs, more trade deal demand letters in the pipeline
US President Donald Trump hit the ground running on Wednesday, unveiling his next list of countries that will be facing double-digit tariffs on August 1 if satisfactory trade deals are not delivered. Trump also reiterated his warnings of an additional 10% tariff on any BRICS-aligned country.
Trump's delivery of additional trade and tariff comments came while the White House was hosting delegates from West African countries, prompting Donald Trump to suggest that those countries in attendance may not face tariffs.
The Trump administration is under pressure to telegraph its ability to work well with other countries. Most of the developed nations with which Trump seeks trade deals struggle to find common ground with members of the Trump team, who continue to deliver inconsistent messaging around tariffs and constantly changing demands on trade terms.
Key highlights
Trump warns of additional tariffs on all imports from:
- Libya (30%)
- Iraq (30%)
- Algeria (30%)
- Sri Lanka (30%)
- Moldova (25%)
- Brunei (25%)
- Phillipines (20%)
Author
Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
