New Tariffs Announced by Trump Set to Impact Six Countries
Starting August 1, new tariffs targeting Iraq, the Philippines, and others could raise US effective tariff rates to 20%, according to Oxford Economics.
Trump sends new round of letters announcing tariffs on seven nations
Washington Examiner
Overview
- President Trump announced new tariffs effective August 1, impacting six countries including Iraq and the Philippines.
- The tariffs are part of a broader trade strategy aimed at reducing imports.
- Oxford Economics predicts the US effective tariff rate could rise to 20% due to these changes.
- Countries affected by the tariffs may respond with their own increased duties, potentially reaching an additional 25%.
- The announcement reflects ongoing tensions in international trade relations and aims to protect US industries.
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FAQ
The new tariffs affect six countries including Iraq, the Philippines, Algeria, Libya, Brunei, and Moldova.
Algeria, Iraq, and Libya will face a 30% tariff, while Brunei, Moldova, and the Philippines will encounter a 25% tariff starting August 1, 2025.
Oxford Economics predicts that the US effective tariff rate could rise to 20% as a result of the new tariffs.
Yes, countries affected by these tariffs may respond by increasing their own duties, potentially imposing an additional 25% tariff.
The tariffs are part of a broader trade strategy intended to reduce imports and protect US industries amid ongoing international trade tensions.
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