Trump Escalates Global Trade Shake-Up with New Tariffs on Seven Countries

President Donald Trump intensified his aggressive trade policy on Wednesday, announcing a fresh wave of double-digit tariffs targeting imports from seven additional countries, effective August 1, unless favorable trade agreements are reached. The move, revealed through screenshots shared on Truth Social, underscores Trump’s commitment to reshaping America’s global trade relationships by imposing steep levies on nations he claims exploit U.S. markets. He also reiterated a warning of an extra 10% tariff on any BRICS-aligned country, amplifying the stakes in his economic strategy.

The latest round of tariff letters was sent to the leaders of the Philippines, Brunei, Moldova, Algeria, Iraq, Libya, and Sri Lanka. These nations join 14 others targeted just two days earlier, including Japan, South Korea, and Indonesia, among others. The tariff rates for these 21 countries range from 20% to 40%, with Libya, Iraq, and Algeria facing the highest at 30%, followed by Moldova and Brunei at 25%, and the Philippines at 20%. Trump’s letters suggest the possibility of adjusting these rates based on future diplomatic relations, but he emphasized that the tariffs are “far less than what is needed to eliminate the Trade Deficit disparity” with these nations.

This announcement follows Trump’s earlier “liberation day” tariff rollout on April 2, which imposed a 10% baseline tariff on nearly all global imports and higher duties on dozens of countries. That move triggered a week of chaos in global markets until Trump paused the higher rates for 90 days. On Monday, he signed an executive order extending the tariff deadline to August 1, a date he reaffirmed on Tuesday with a firm stance: “No extensions will be granted.”

Trump’s focus on trade deficits as evidence of unfair trade practices has sparked debate, as many of the targeted countries, like Moldova with its modest $85 million trade deficit with the U.S. in 2024, are minor trading partners. Critics argue that such deficits do not necessarily indicate exploitation, but Trump’s strategy remains unwavering. By targeting both small and significant trade partners, he aims to reset America’s economic standing, even at the risk of further global market volatility.