The tariff letters have been released for the following additional countries:
30% for Libya30% for Iraq30% for Algeria5% for Moldova. We have near 0% trade with this country. 25% for Brunei20% for Philippines. Goods transshipment to evade higher tariff will be subject to higher tariffs.
Of the total trade, the countries today account for the following % of total trade:
Philippines: 0.42%
Algeria: 0.08%
Libya: 0.04%
Iraq: 0.01%
Brunei: 0.002%
Moldova: 0.001
The total trade with the Phillippines is $22.6B. The tariffs that will be collected would be $4.52B.
Prior to today:
14 Countries Notified, including major allies:
Japan & South Korea: 25% tariffs on all imports
Other countries and rates:
Myanmar & Laos: 40%
Cambodia & Thailand: 36% (unchanged from last round)
South Africa, Malaysia, Kazakhstan, Bangladesh, Indonesia, Tunisia, Serbia, Cambodia, Bosnia & Herzegovina: between 25% and 40%
Upcoming Sector-Specific Tariffs flagged in the letters and other signals:
Copper: 50% tariff announced
Semiconductors & Pharmaceuticals: additional tariffs under review/directed
Below is “the letter”. Of note, is
The invitation to participate in the “Number One Market in the World”. Implying you have to pay to play. The adjustment is for a more balanced and fair Trade.The deficits are a “major threat to our Economy and indeed our National Security!”
This article was written by Greg Michalowski at www.forexlive.com.