Brazil, Japan, Sri Lanka - 22 Countries Hit With Donald Trump's 'Common Sense' Tariffs Up To 50%

(MENAFN- Live Mint) US President Donald Trump explained that the new tariff rates were based on“common sense” and trade imbalances, although this wasn't consistent with what he wrote in his letter to Brazil, as reported by AP.

He also admitted he hadn't considered imposing tariffs on countries whose leaders were currently visiting him at the White House Liberia, Senegal, Gabon, Mauritania, and Guinea-Bissau, saying,“these are friends of mine now.”

Also Read: Trump imposes 50% tariffs on Brazil after spat with President Lula, 'Will increase further if...' | Full letter here

He claimed that countries haven't been pushing back much against the tariffs outlined in his letters, even though those rates were largely similar to the ones announced on April 2 that had unsettled financial markets, according to a report by AP.

“We haven't had many complaints,” Trump said,“because I'm keeping the rates low very conservative, as you'd say.”

Here's the complete list of countries:Brazil

Trump announced a 50 per cent tariff on imports from Brazil, starting August 1 and called the trial of former Brazilian President Jair Bolsonar a "witch hunt", adding that the“trial should not take place.”

Japan

The US will raise its tariff on Japanese goods to 25% starting August 1, up from the 24% rate announced in April. Japan's key exports to the US include automobiles, auto parts, and electronic . Prime Minister Shigeru Ishiba described the tariff as“extremely regrettable” but affirmed Japan's commitment to ongoing negotiations.

Kazakhstan

Beginning August 1, the US will impose a 25% tariff on imports from Kazakhstan, a reduction from the 27% rate announced in April. Kazakhstan's major exports to the U.S. include oil, uranium, ferroalloys, and silver.

Malaysia

The US will raise its tariff on Malaysian goods to 25% starting August 1, up slightly from the 24% rate announced in April. Malaysia's key exports to the U.S. include electronics and electrical products. In response, the Malaysian government said it plans to engage in discussions with Washington, with a cabinet meeting scheduled for Wednesday to address the issue.

Also Read: Trump's tariffs: Why did US President Donald Trump extend deadline for Japan, South Korea

South Korea

A 25% U.S. tariff on South Korean goods will take effect on August 1, unchanged from the rate announced in April. South Korea's main exports to the U.S. include vehicles, machinery, and electronics. In response, the country's Trade Ministry said Tuesday it will speed up negotiations with Washington in hopes of reaching a deal before the tariff is enforced, Associated Press reported.

Tunisia

Starting August 1, the U.S. will impose a 25% tariff on Tunisian goods, a slight decrease from the 28% rate announced in April. Tunisia's primary exports to the U.S. include animal and vegetable fats, clothing, and various fruits and nuts.

Philippines

The Philippines will face a 20% tariff from the U.S. beginning August 1, an increase from the 17% rate set in April. Key Philippine exports to the U.S. include electronics, machinery, clothing, and gold.

Myanmar

Tariff rate: 40% starting Aug. 1. That's down from 44% announced in April.

Key exports to the U.S.: Clothing, leather goods and seafood.

Response: Maj. Gen. Zaw Min Tun, the spokesperson for Myanmar's military government, said it will follow up with negotiations.

Laos

Tariff rate: 40% starting Aug. 1. That's down from 48% announced in April.

Key exports to the U.S.: Shoes with textile uppers, wood furniture, electronic components and optical fibre.

Cambodia

Tariff rate: 36% starting Aug. 1. That's down from 49% announced in April.

Key exports to the U.S.: Textiles, clothing, shoes and bicycles.

Response: Cambodia's chief negotiator, Sun Chanthol, said the country successfully got the tariff dropped from the 49% Trump announced in April to 36% and is ready to hold a new round of negotiations. He appealed to investors, especially factory owners, and the country's nearly 1 million garment workers, not to panic about the tariff rate announced Monday.

Thailand

Tariff rate: 36% starting August 1. That's the same rate that was announced in April.

Key exports to the US: Computer parts, rubber products and gemstones

Response: Thailand's Deputy Prime Minister Pichai Chunhavajira said Thailand will continue to push for tariff negotiations with the United States. Thailand on Sunday submitted a new proposal that includes opening the Thai market for more American agricultural and industrial products and increasing imports of energy and aircraft.

Bangladesh

Tariff rate: 35% starting Aug. 1. That's down from 37% announced in April.

Key export to the U.S.: Clothing.

Response: Bangladesh's finance adviser Salehuddin Ahmed said Bangladesh hopes to negotiate for a better outcome. There are concerns that additional tariffs would make Bangladesh's garment exports less competitive with countries like Vietnam and India.

Serbia

Tariff rate: 35% starting Aug. 1. That's down from 37% announced in April.

Key exports to the U.S.: Software and IT services; car tires.

Indonesia

Tariff rate: 32% starting Aug. 1. That's the same rate that was announced in April.

Key exports to the U.S.: Palm oil , cocoa butter and semiconductors

Algeria

Tariff rate: 30% starting Aug. 1. That's the same rate that was announced in April.

Key exports to the U.S.: Petroleum, cement and iron products.

Bosnia and Herzegovina

Tariff rate: 30% starting Aug. 1. That's down from 35% announced in April.

Key exports to the U.S.: Weapons and ammunition

Iraq

Tariff rate: 30% starting Aug. 1. That's down from 39% announced in April.

Key exports to the U.S.: Crude oil and petroleum products.

Libya

Tariff rate: 30% starting August 1. That's down from 31% announced in April.

Key exports to the US: Petroleum products.

South Africa

Tariff rate: 30% starting Aug. 1. That's the same rate that was announced in April.

Key exports to the U.S.: Platinum, diamonds, vehicles and auto parts.

Also Read: Trump warns BRICS, including India, of extra 10% tariff for trying to 'destroy' US dollars: '...a major world war'

Response: The office of South African President Cyril Ramaphosa said in a statement that the tariff rates announced by Trump mischaracterized the trade relationship with the U.S., but it would“continue with its diplomatic efforts towards a more balanced and mutually beneficial trade relationship with the United States” after having proposed a trade framework on May 20.

Sri Lanka

Tariff rate: 30% starting Aug. 1. That's down from 44% announced in April.

Key exports to the U.S.: Clothing and rubber products.

Brunei

Starting August 1, the US will increase tariffs on Brunei's exports to 25%, up from the 24% rate announced in April. Brunei primarily exports mineral fuels and machinery equipment to the US.

Also Read: Trump slaps new tariffs on Iraq, Libya, 5 other countries with a warning: 'If you raise your tariffs...

Moldova

We haven't had many complaints because I'm keeping the rates low very conservative, as you'd say.

The US will reduce tariffs on Moldovan goods to 25% beginning August 1, down from the 31% rate announced in April. Moldova's key exports to the U.S. include fruit juice, wine, clothing, and plastic products.

(With inputs from Associated Press)

Key Takeaways

• The tariffs are set to significantly impact key exports from various countries, altering trade dynamics.
• Countries affected are mobilizing to negotiate and mitigate the effects of these new tariffs.
• The announced tariffs highlight ongoing tensions in U.S. trade relations and their broader global implications.

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