President Trump fired off another round of tariff letters to six countries Wednesday, giving notice that the US will ramp up levies on their exports if they don’t reach a trade deal by Aug. 1.
Trump warned the Philippines that it will face a 20% tariff rate, Brunei and Moldova a 25% rate, and Algeria, Iraq and Libya a 30% rate unless an agreement gets done.
“It is a Great Honor for me to send you this letter in that it demonstrates the strength and commitment of our Trading Relationship,” Trump began each of the letters.
“Please understand that these Tariffs are necessary to correct the many years of,” the president went on, “Tariff, and Non-Tariff, Policies and Trade Barriers, causing these unsustainable Trade Deficits against the United States.”
“This [trade] Deficit is a major threat to our Economy and, indeed, our National Security!”
Most of the tariff rates Trump dangled closely mirrored the figures he rolled out in his April 2 “Liberation Day” announcement, in which he unveiled customized levies against almost every country in the world.
Trump had initially delayed the “Liberation Day” tariffs for 90 days, before revising the deadline to Aug. 1.
The president has now publicly dispatched the letters to 20 countries.
