U.S. President Donald Trump on Wednesday issued final tariff notices to seven trading partners, including the Philippines, Sri Lanka, Algeria, Iraq, Libya, Brunei, and Moldova, as his administration continued trade talks with the European Union.
Starting August 1, a 20 percent tariff will apply to goods from the Philippines, 30 percent to imports from Sri Lanka, Algeria, Iraq, and Libya, and 25 percent to goods from Brunei and Moldova.
These follow earlier notices that included 25 percent tariffs on imports from South Korea and Japan, also set to take effect on August 1 unless agreements are reached.
The actions come one day after Trump said he would impose a 50 percent tariff on imported copper and planned additional duties on semiconductors and pharmaceuticals. Trump said trade discussions with China and the EU are progressing, and he may inform the EU within two days about the rate it can expect on its exports to the U.S.
“They treated us very badly until recently, and now they’re treating us very nicely. It’s like a different world, actually,” Trump said.
EU trade chief Maros Sefcovic said talks had made good progress and that a deal could be finalized within days. The deadline for a U.S.-EU trade agreement has been extended from July 9 to August 1.
Italian Economy Minister Giancarlo Giorgetti, however, said discussions remain complicated and could continue up to the deadline.
The Trump administration said it has collected around $100 billion in tariff revenue so far this year and could reach $300 billion by year-end. Previous years brought in about $80 billion.
Since Trump announced “90 deals in 90 days” in April, agreements have been reached with only two countries, Britain and Vietnam.
Massachusetts Governor Maura Healey criticized the tariffs, saying they raise prices and hurt businesses.
Despite the new trade actions, U.S. markets remained steady. The Nasdaq rose 0.5 percent, the S&P 500 was up 0.2 percent, and the Dow Jones Industrial Average gained 0.1 percent.
