The new tariff directives, communicated via official letters to foreign leaders and shared on Trump's Truth Social platform, outline duty hikes of 30 per cent on Algeria, Iraq, and Libya; 25 per cent on Brunei and Moldova; and 20 per cent on the Philippines. The tariffs will take effect starting August 1.

President Donald Trump threatened to double the baseline universal tariff to 20%, citing record stock gains to dispel fears that such a move would hammer the global economy. Even as financial markets barely budged on the news,

U.S. President Donald Trump on Wednesday issued a round of tariff letters to seven countries, including Algeria, Iraq, Libya, Sri Lanka and the Philippines.

The announcement came in a letter published on Truth Social, in which Mr Trump responded to a letter sent last week by Canadian Prime Minister John Carney

Trump announced a 20% levy on the Phillippines, as per his latest Truth Social post. Laos: 40%. Myanmar: 40%. Thailand: 36%. Cambodia: 36%. Bangladesh: 35%. Serbia: 35%.

The steepest tariffs, at 30%, have been levied on Iraq, Algeria and Libya. These tariffs will come into effect from August 1.

John Bolton is proposing a strategy to Algeria and the Polisario aimed at persuading former U.S. President Donald Trump to reverse his recognition of Moroccan sovereignty over Western Sahara, a decision officially made on December 10,