Trump Expands Global Tariff Campaign as EU Talks Near Possible Breakthrough

By Staff, Agencies

President Donald Trump issued formal tariff notices to seven additional trading partners on Wednesday, escalating his sweeping trade offensive even as negotiations with the European Union—Washington’s largest trading partner—show signs of progress.

In a series of posts on Truth Social, Trump announced that starting August 1, the US would impose a 20% tariff on goods from the Philippines, 30% on imports from Sri Lanka, Algeria, Iraq, and Libya, and 25% on products from Brunei and Moldova. These new actions come on top of 14 tariff letters sent earlier this week, including 25% duties on major suppliers South Korea and Japan, also effective August 1 unless trade deals are reached before then.

The flurry of tariff activity followed Trump's Tuesday announcement of a 50% tariff on imported copper and pending levies on semiconductors and pharmaceuticals—moves that have unsettled global markets and complicated investment decisions for businesses worldwide.

While no formal notice has yet been issued to the EU, Trump signaled a decision on tariffs for the bloc would come soon.

“They treated us very badly until recently, and now they're treating us very nicely. It's like a different world, actually,” he said, adding that a tariff announcement could arrive “probably” within two days.

EU trade chief Maros Sefcovic reported substantial progress on a framework deal, expressing hope that an agreement might be finalized in the coming days following a deadline extension from July 9 to August 1.

“I hope to reach a satisfactory conclusion, potentially even in the coming days,” he told EU lawmakers.

However, caution remains on the European side. Italian Economy Minister Giancarlo Giorgetti described the ongoing negotiations as “very complicated” and warned talks could stretch right up to the deadline.

Despite the growing trade uncertainty, financial markets remained stable on Wednesday, although Japan’s yen weakened following the tariff announcement targeting its exports.

The cumulative effect of Trump’s tariffs is being felt across the economy. According to the Yale Budget Lab, the effective US tariff rate has now reached 17.6%, the highest level in nearly 90 years, up from 15.8% earlier in the week. The Trump administration has highlighted tariffs as a critical revenue stream, with Treasury Secretary Scott Bessent stating the US has already collected $100 billion this year and could reach $300 billion by year’s end.

Trump has pledged “90 deals in 90 days” since launching his country-specific tariff push in April, but only two agreements have been concluded so far—with Britain and Vietnam. A third deal with India is reportedly near completion.

Massachusetts Governor Maura Healey, a Democrat, criticized Trump’s trade strategy.

“President Trump was elected to lower costs, and all he is doing is raising prices and hurting our businesses,” she said.