Donald Trump has introduced new tariffs on seven extra international locations after failing to safe a promised wave of commerce offers.
The US president mentioned that, from Aug 1, he would impose a 20pc tariff on items from the Philippines, 30pc on items from Sri Lanka, Algeria, Iraq and Libya, and 25pc on Brunei and Moldova.
It follows an announcement yesterday of tariffs on 14 international locations, together with Japan and South Africa.
Mr Trump additionally broadened his commerce battle this week by imposing a 50pc tariff on imported copper and mentioned he would quickly introduce long-threatened levies on semiconductors and prescribed drugs.
Mr Trump’s rapid-fire tariff strikes have forged a shadow over the worldwide financial outlook, paralysing enterprise decision-making.
Mr Trump mentioned commerce talks have been going effectively with China and the European Union, which is the most important bilateral buying and selling accomplice of the US.
The newest tariffs on international locations change these initially introduced throughout Mr Trump’s “liberation day” on April 2.
The US president, nonetheless, rapidly paused these tariffs for 90 days after they prompted market mayhem, and has now prolonged the delay till Aug 1. Items have usually confronted a baseline levy of 10pc in the course of the pause.
The White Home mentioned in April it will use the pause to ship 90 commerce offers in 90 days. It has to date made offers with the UK and Vietnam, however has began issuing letters this week informing international locations of recent tariff charges.
Mr Trump yesterday claimed that issuing a letter counts as a commerce deal. “A letter means a deal. We ship them a letter – largely it’s just a bit quantity,” he mentioned.
Maros Sefcovic, the EU’s chief commerce negotiator, informed European lawmakers in Strasbourg at the moment that the EU had been spared the elevated tariffs contained within the letters and that an extension of talks till Aug 1 would offer “further area to achieve a passable conclusion”.