Donald Trump announces tariffs on imports from Sri Lanka, Iraq and five other nations

WASHINGTON DC: US President Donald Trump on Wednesday announced a fresh round of tariffs on imports from seven nations - Sri Lanka, Algeria, Iraq, Libya, the Philippines, Moldova and Brunei. These tariffs will come into effect on August 1.

The White House has shared letters sent by Trump to leaders of these seven nations, which mentioned the tariffs they will face while exporting goods to the US. According to the letters, the US will impose a 30 percent tariff on goods imported from Sri Lanka, Iraq, Algeria and Libya. In the letters, Trump mentioned that Moldova will face a tariff of 25 percent when exporting goods to the US. According to the letter, imports from Brunei will face a 25 percent tariff while the Philippines will be facing 20 percent.

In the letters, Trump threatened to increase the tariff rate by the same amount if the countries decided to raise their tariffs on importing American products. However, the US President indicated his willingness to reduce these tariffs if these countries revised their trade policies.

Trump concluded the letters written to all seven nations with the same message that reads, "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." (ANI)

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