President Trump is again amping up his trade threats, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August.
Trump on Wednesday posted to social media six letters, highlighted by one to the president of the Philippines dictating a 20% tariff. He also sent letters to the heads of Brunei, Moldova, Algeria, Iraq, and Libya. Those tariffs ranged from 20% to 30%.
On Tuesday, Trump said he would be imposing 50% tariffs on copper imports to the US, matching duties on aluminum and steel. He also suggested tariffs as high as 200% on pharmaceuticals.
On Wednesday, COMEX copper (HG=F) futures fell over 3%, as traders reacted to Trump’s tariff threat. Trump’s plan to impose heavy duties has pushed costs for US factories up, with New York futures rising 25% above other global prices on Tuesday.
Trump posted 14 letters to countries on Monday, including South Africa, Malaysia, and Thailand, outlining tariffs ranging from 25% to 40%.
Meanwhile, China warned Trump on Tuesday against restarting trade tensions and that it would hit back at countries that make deals with the US to exclude China from supply chains.
Here is where things stand with various other partners:
- Vietnam: A deal with Vietnam will see the country’s imports face a 20% tariff — lower than the 46% Trump had threatened in April. He also said Vietnamese goods would face a higher 40% tariff “on any transshipping” — when goods shipped from Vietnam originate from another country, like China.
- European Union: The EU has signaled it is willing to accept a 10% universal tariff on many of its exports but is seeking exemptions for certain sectors. The bloc is racing to clinch a deal this week.
- Canada: Canada has scrapped its digital services tax that was set to affect large US technology companies. The White House said trade talks between the two countries had resumed, with a deal by mid-July in focus.
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