Trump Imposes Tariffs on Imports from Sri Lanka, Iraq, and Five More Countries

New Tariff Measures Introduced by the US

On July 10, the United States introduced a new set of tariffs on imports from seven different countries. These include Sri Lanka, Algeria, Iraq, Libya, the Philippines, Moldova, and Brunei. The tariffs are scheduled to take effect on August 1, marking a significant shift in trade policy. The White House released letters sent by President Donald Trump to the leaders of these nations, outlining the specific tariff rates that will apply to their goods when exported to the US.

According to the letters, the US will impose a 30% tariff on goods from Sri Lanka, Iraq, Algeria, and Libya. Moldova is expected to face a 25% tariff, while Brunei will be subject to the same rate. The Philippines, on the other hand, will have a 20% tariff on its exports. Trump also warned that if any of these countries decide to increase their own tariffs on American products, the US would respond with an equivalent increase. However, he expressed openness to reducing the tariffs if these countries agree to revise their trade policies.

The message in each letter was consistent, emphasizing the desire for fair trade relations. Trump wrote, “We look forward to working with you as your Trading Partner for many years to come. If you wish to open your heretofore closed Trading Markets to the United States, and eliminate your Tariff, and Non-Tariff, Policies and Trade Barriers, we will, perhaps, consider an adjustment to this letter. These Tariffs may be modified, upward or downward, depending on our relationship with your Country. You will never be disappointed with The United States of America.”

On July 8, Trump confirmed that the tariffs would begin on August 1, 2025, with no extensions allowed. In a post on Truth Social, he stated, “As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 – No extensions will be granted. Thank you for your attention to this matter!”

Trump emphasized that the proposed tariff arrangements aim to ensure fairness in international trade. He mentioned that the US remains open to negotiations if other countries are willing to make a fair deal. “We’re always subject to negotiations when something is fair, but we’ve talked to most of the countries. Pretty much they have had their way for many, many decades. It was time that we just wanted fairness,” he said.

He also highlighted that his second term would outperform his first in terms of tariff collection and economic impact. “Even in my first term with China and others. We took in hundreds and billions of dollars of tariffs. No inflation, the most successful period of time we’ve ever had financially in the country- the first term, I think this time’s going to be much better. Even better than the last time. This is going to be substantially better, and we’re on our way doing that. We have already taken in over a hundred billion dollars’ worth of tariffs and we haven’t even started.”

When asked about the firmness of the August 1 deadline, Trump responded, “I would say firm but not a 100 per cent firm. If they call up and they say we would like to do something in a different way, we will be open to that.”

Earlier, Trump shared letters sent to 14 countries, informing them of the reciprocal tariffs that will take effect from August 1. The initial letters were sent to Japan’s Prime Minister Fumio Kishida and South Korea’s President Yoon Suk-yeol. Subsequently, similar letters were sent to Malaysia, Kazakhstan, South Africa, Myanmar, and Laos. Later, letters were also sent to Thailand, Bangladesh, Indonesia, Tunisia, Bosnia and Herzegovina, Serbia, and Cambodia.

In the letters addressed to the Japanese and South Korean leaders, Trump outlined a 25% tariff for both countries. Thailand and Cambodia each faced a 36% tariff, while Bangladesh and Serbia were hit with 35%. Malaysia and Kazakhstan were subject to 25% tariffs, and Myanmar and Laos faced a 40% tariff. Indonesia will be subjected to a 32% tariff, and South Africa and Bosnia and Herzegovina will face a 30% tariff. Tunisia will see a 25% tariff applied to its exports.