Trump sets 20% tariff rate for Philippines

By Reuters
WASHINGTON — US President Donald Trump on Wednesday issued a round of tariff letters to seven countries, Algeria, Brunei, Iraq, Libya, Moldova, Sri Lanka and the Philippines.
The letters call for tariffs of 30% each on Algeria, Iraq, Libya and Sri Lanka, 25% on Brunei, 25% on Moldova and 20% on the Philippines.
In the letter, Trump said the 20% tariff for the Philippines will go in effect on August 1, to replace the 17% rate earlier set on April 2. Trump later suspended all but 10% of the April 2 rates until July 9 to allow more time for negotiation. That deadline has now slipped to August 1.
“We have had years to discuss our Trading Relationship with Bangladesh, and have concluded that we must move away from these long-term, and very persistent, Trade Deficits engendered by Philippines’s Tariff, and Non Tariff, Policies and Trade Barriers. Our relationship has been, unfortunately, far from Reciprocal,” Trump said in his letter.
Trump also issued letters to South Korea and Japan, imposing 25% tariffs on each country’s goods.
The letters sent to the countries are a form letter with a few variations, the one to the Philippines announcing the 20% rate.