CNN
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President Donald Trump despatched letters to the leaders of seven extra nations Wednesday, including to the rising listing of US buying and selling companions for whom he has threatened new tariff charges.
Among the many newest recipients have been the Philippines, Sri Lanka, Moldova, Brunei, Algeria, Libya and Iraq, with charges going as excessive as 30% on items they ship to the USA. The brand new tariffs go into impact August 1, pending negotiations.
Trump mentioned Wednesday afternoon that he deliberate to announce his tariff stage for Brazil throughout the subsequent day or two. “Brazil for instance, has been not good to us. Not good in any respect,” he mentioned throughout a White Home multilateral assembly with leaders of African nations. “We’re going to be releasing a Brazil quantity, I feel, afterward, this afternoon or tomorrow morning.”
The charges Trump mentioned could be imposed on items from Sri Lanka, Moldova, Iraq and Libya have been decrease than these he introduced in early April. The charges on items from the Philippines and Brunei have been larger, in comparison with April ranges. In the meantime, the speed on items from Algeria was the identical (30%) as April ranges.
Collectively, the US imported $29 billion price of products from these seven nations final yr, in response to US Commerce Division figures. That accounts for lower than 1% of the $3.2 trillion of products the US imported.
US shares have been largely unchanged after Trump’s posts. The Dow was up 50 factors, or 0.11%. The S&P 500 was up 0.25% and the tech-heavy Nasdaq gained 0.58%.
The US and numerous buying and selling companions have been negotiating new commerce agreements since Trump introduced so-called “reciprocal” tariffs again in April. But few deals have come to fruition.
Throughout a cupboard assembly on Tuesday, Trump mentioned “a letter means a deal.” However that doesn’t seem like how some nations are perceiving the missives.
Within the letters, Trump wrote that he takes specific subject with the commerce deficits the USA runs with different nations, that means America buys extra items from there in comparison with how a lot American companies export to these nations. Trump additionally mentioned the tariffs could be set in response to different insurance policies that he deems are impeding American items from being bought overseas.
Trump has inspired world leaders to fabricate items in the USA to keep away from tariffs. In the event that they selected to retaliate by slapping larger tariffs on American items, Trump threatened to tack that onto the speed charged on their nation’s items shipped to the USA.
Trump has now despatched 21 letters on tariff charges to heads of state this week, and extra might nonetheless come. The 25% tariff Trump threatened to impose on Japan and South Korea could be more than likely to affect costs of products People purchase, for the reason that two nations are America’s fifth- and seventh-top sources of international items.
Wednesday at 12:01 a.m. ET was the initial deadline Trump set three months in the past for nations to ink commerce offers with the US or immediately face larger tariff charges. Nonetheless, on Monday he prolonged that deadline to August 1.
This can be a growing story. It is going to be up to date.
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