<h1>President imposes 20-30% tariffs on seven smaller trading partners including Philippines and Iraq effective August 1</h1> The president sent tariff letters to seven smaller trading partners including the Philippines, Brunei, Moldova, Algeria, Libya, Iraq and Sri Lanka, with rates ranging from 20% to 30% effective August 1. The targeted countries represent minimal trade imbalances totaling approximately $16 billion compared to the $30 trillion US economy. Major trading partners like the European Union were spared from the initial round. The administration frames tariffs as tools for diplomatic leverage and economic rebalancing, threatening additional penalties for retaliation while providing negotiation deadlines.