US President Trump announces fresh tariffs on imports from 8 nations; Brazil faces 50% rate –

US President Donald Trump has announced a fresh round of tariffs on imports from eight nations – Brazil, Sri Lanka, Algeria, Iraq, Libya, the Philippines, Moldova and Brunei. These tariffs will come into effect on August 1. Brazil got the highest tariff rate of the bunch, at 50 per cent. As mentioned in the letters sent by President Trump to leaders of these nations, the US will impose a 30 per cent tariff on goods imported from Sri Lanka, Iraq, Algeria and Libya. Moldova and Brunei will face a tariff of 25 per cent, while the Philippines will face 20 per cent. In the letters, Mr. 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.
 
Earlier, on the 8th of this month, Trump announced that tariffs would come into effect on August 1, 2025, and must be paid without any extensions.