Trump announces additional tariffs

President Donald Trump has announced additional tariffs on imports from several countries, and a new 50% tariff on copper imports.

According to NMMA, a 50% tariff on Brazilian imports is expected to go into effect on August 1, unless the country can reach a trade framework with the U.S. The 50% tariff on copper imports will also begin on August 1, and it is unclear if this would affect imported products or components that contain copper.

NMMA shared the list of countries with their new tariff rates; the additional countries announced yesterday are bolded:

• 20% Tariffs: Philippines
• 25% Tariffs: Japan, South Korea, Malaysia, Kazakhstan, Tunisia, Moldova, Brunei
• 30% Tariffs: South Africa, Bosnia, Herzegovina, Algeria, Libya, Iraq, Sri Lanka
• 32% Tariffs: Indonesia
• 35% Tariffs: Bangladesh, Serbia
• 36% Tariffs: Cambodia, Thailand
• 40% Tariffs: Laos, Myanmar
• 50% Tariffs: Brazil