Trump slashes tariffs for Sri Lanka, Philippines
Nations on his list also included the Philippines, Brunei, Moldova, Algeria, Iraq, and Libya under his 'reciprocal tariff' framework.
The Philippines, which was earlier slated to face a 27% tariff under the 2 April announcement, will now face a reduced duty of 20% starting 1 August, according to the White House's latest tariff notification issued to the countries concerned.
In the case of India, the proposed trade deal is still awaiting final approval from Trump and is likely to be announced by mid-July, as reported by Mint on Tuesday. Indian officials said certain sticking points remain unresolved, and this has contributed to the delay.
Under the revised list, Brunei and Moldova will now face a 25% tariff, while Algeria, Iraq, and Libya will each be subjected to a 30% levy. These changes are part of a broader programme aimed at addressing what Trump has frequently described as 'imbalanced and unfair market access' for American exports.
This follows an earlier revision in early July, when tariff rates were modified for 14 countries including Vietnam, Japan, South Africa, Malaysia, Indonesia, Cambodia, Thailand, and Bangladesh, among others. In most cases, duties were lowered from the originally announced 2 April-levels, reflecting the outcomes of backchannel negotiations and bilateral engagements.
Trump announced the revised tariffs through letters posted on his social media platform, Social Truth. Among the hardest hit were Laos and Myanmar, which now face duties as high as 40%. Thailand retained its 36% rate from April, while Cambodia's tariff was reduced slightly to 36% from 49%. Bangladesh's rate was cut to 35% from 37%, while Indonesia's tariff remained unchanged at 32%.
In contrast, Malaysia saw a one percentage point increase to 25%. Japan and South Korea were each newly assigned 25% tariffs. Others impacted in the last round include Bosnia (30%), Serbia (35%), Tunisia (25%), Kazakhstan (25%), and South Africa (30%).
While Trump's original executive order had announced steep duties of up to 50% on nearly two dozen countries, the administration has since taken a staggered approach—combining tariff enforcement with space for diplomatic negotiations. With the latest adjustments, the list of countries facing updated reciprocal tariffs under Trump's trade plan continues to grow.
Trade experts believe the reduction in the Philippines' tariff to 20% signals a possible strategic shift by Washington to preserve key Indo-Pacific partnerships while still pushing for improved trade terms. In contrast, the 30% duties imposed on Algeria, Iraq, and Libya—countries with limited bilateral trade—are seen largely as symbolic of Trump's harder stance.
The revised tariffs will come into effect on 1 August, coinciding with the end of the 90-day suspension that was introduced in April to allow for trade negotiations. The US has yet to announce final tariff decisions for a handful of key partners, including India, as talks remain ongoing.
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