Trump sends tariff letters to 6 countries including the Philippines, with rates of 20~40%

Korea Economic Daily

Summary

President Trump announced that he sent letters instructing an increase in tariff rates to six countries, including the Philippines.
As a result of this measure, the tariff rate for the Philippines was raised from 17% to 20%, while Iraq's was reduced from 39% to 30%.
President Trump stated that this tariff policy would be implemented starting August 1.

"Will send letters to 'additional countries' this afternoon"

Similar to early April rates, Philippines rises from 17%→20%

President Donald Trump on the 9th (local time) sent letters instructing new tariff rates to six countries, including the Philippines.

The latest letter, revealed by President Trump via a screenshot on Truth Social that day, was sent to the Philippines, Brunei, Moldova, Algeria, Iraq, and Libya.

According to the letter, from August 1, President Trump will impose a 30% tariff rate on Algeria, Libya, and Iraq; a 25% tariff on products from Brunei and Moldova; and a 20% tariff on products from the Philippines. These tariff rates are nearly identical to the ones first announced by President Trump in April, but while Iraq's tariff rate has been reduced from 39%, the Philippines' rate has increased from 17%.

The day before, President Trump posted on social media that, on Wednesday morning local time, he would send letters to 'at least seven countries', and in the afternoon to 'additional countries'.

Previously, on the 7th, tariff letters were sent to 14 countries including South Korea, Japan, Malaysia, and Thailand. In another post earlier Tuesday, President Trump stated that the start date of August 1 would remain unchanged.

Guest reporter Jung-A Kim kja@hankyung.com