President Trump has now informed 21 countries of their updated tariff rates after announcing seven more countries on Wednesday.
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The seven updated tariff rates are as follows:
- Iraq: 30%
- Libya: 30%
- Sri Lanka 30%
- Algeria: 30%
- Brunei: 25%
- Moldova: 25%
- Philippines: 20%
The new rates will be effective as of August 1.
Trump Enforces Higher Tariffs for Transshipped Goods
Trump informed the seven countries of their new rates through letters. Each letter said that higher tariffs would be imposed on transshipped goods, although the rate wasn’t specified.
The letters also stressed that tariffs could be avoided if companies within each country choose to build or manufacture goods in the U.S. In addition, they noted the tariffs could be adjusted higher or lower depending on each countries’ relationship with the U.S. Tariffs could also be adjusted if a country decides to lower “Tariff, and Non-Tariff, Policies and Trade Barriers” with the U.S.
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