New Delhi: US President Donald Trump on Wednesday lowered tariffs to Sri Lanka to 30% of 44% earlier when he revealed his latest list of nations aimed at revised duties.
The nations on his list also included Philippines, Brunej, Moldova, Algeria, Iraq and Libya under his framework “reciprocal tariff”.
The Philippines, which were previously designed to face 27% of the tariff within 2.
In the case of India, the proposed commercial agreement is still waiting for the final approval from Trump and is likely to be announced by mid -July, as stated by Mint on Tuesday. Indian officials said some bonding points remain unresolved, which contributed to the delay.
According to the revised list, Brunei and Moldova will now face 25% of the tariff, while Algeria, Iraq and Libya will be subjected to 30% of the fee. These changes are part of a wider program aimed at solving what Trump has often described as “unbalanced and unfair access to the market” for US exports.
This is followed by an earlier revision in early July, when customs rates were modified, among other things, for 14 countries including Vietnam, Japan, South Africa, Malaysia, Indonesia, Cambodia, Thailand and Bangladesh. In most cases, the obligations were reduced from the originally announced level 2.
Trump announced revised tariffs through letters published on his social media platform, Social Truth. Among the most difficult intervention were Laos and Myanmar, who now face up to 40%. Thailand has retained 36%since April, while the Cambodian tariff was slightly reduced to 36%of 49%. The Bangladesh measure was reduced to 35%of 37%, while the Indonesian tariff remained unchanged to 32%.
Malaysia, on the other hand, recorded an increase in one percentage point to 25%. Japan and South Korea were newly assigned 25% of tariffs. Other affected in the last round include Bosnia (30%), Serbia (35%), Tunisia (25%), Kazakhstan (25%) and South Africa (30%).
While Trump’s original executive order announced steep duties up to 50% in nearly two dozen countries, the administration has since captured a stunned approach – enforcement of tariffs with space for diplomatic negotiations. With the latest edits, the list of countries facing updated mutual tariffs under Trump’s business plan is still growing.
Business experts believe that the reduction in the Philippines to 20% signals a possible strategic shift through Washington to maintain key indo-tichoral partnerships while still promoting improved business conditions. On the other hand, 30% of the obligations imposed on Algeria, Iraq and Libya – contracts with limited bilateral trade – are considered to be largely as symbolic hardly attitudes of Trump.
Revised tariffs will come into force on August 1, which coincides with the end of the 90 -day suspension that was introduced in April to negotiate the trade. The US has to announce the final decisions on tariffs for a handful of key partners, including India, as interviews are still ongoing.
(Tagstotranslate) Trump tariffs Philippines Brunei (T) Algeria
