By announcing a new round of tariffs on imports that will take effect in August 2025.
In an official statement, Trump imposed a 30% tariff on goods coming from Algeria, Libya, and Iraq, and a 25% tariff on goods coming from Brunei and Moldova, and a 20% tariff on goods coming from the Philippines.
This step represents the latest American pressure on trading partners who have failed to reach bilateral trade agreements.
The Philippines, which previously received tariff exemptions, faces increases in tariffs, indicating rising diplomatic tensions.
In addition to tariffs on countries, Trump also announced plans to impose tariffs on sectors, including 50% on copper products, which immediately caused copper prices in New York to rise by 17% in one day.
Trump also threatened to impose tariffs of up to 200% on pharmaceutical imports if global pharmaceutical companies do not move their production to the United States within the next year.
Trump warned that there would be no further extension of time for negotiations. He confirmed that "all funds will be due on August 1, 2025. There will be no extension," thus denying earlier market doubts raised after negotiations were opened until early August.
The tariffs also target two of the United States' major trading partners, the European Union and India. Trump warned Europe that unilateral tariffs could be imposed at any time, although negotiations are still ongoing.
Meanwhile, the United States imposed an additional 10% tariff on India due to its participation in the BRICS group, a group of developing countries that Trump said "threatens the US dollar's status as the world's leading currency."
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