Trump Tariffs Live Updates: Sri Lanka, Philippines, Iraq Among 7 Nations Hit With Up To 30% Tariffs

India, currently negotiating a trade agreement with the US, has been noticeably excluded from the latest round of tariff letters issued by the Trump administration on Wednesday. This reprieve is expected to bring significant relief to Indian exporters, as both countries are actively engaged in talks aimed at deepening their economic relationship.

So far, at least 20 countries have received tariff notices from Washington. The list includes Bangladesh, Indonesia, Japan, South Korea, Malaysia, Thailand, South Africa, Bosnia and Herzegovina, Cambodia, Kazakhstan, Laos, Serbia, and Tunisia.

US President Donald Trump has doubled down on his aggressive tariff strategy, claiming it is bringing in “hundreds of billions of dollars” to the US. Speaking about the economic impact, Trump said many companies are now opting to avoid these high duties by moving operations to the United States.

“We’re taking in hundreds of billions of dollars… But more important than that, we have a lot of people that would rather not have pay that, so they’re coming in and they’re building plants… We’re getting them fast approvals,” Trump said.

US President Donald Trump announced new tariffs of up to 30% on imports from several countries, including Libya, Iraq and Algeria.

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Indian pharmaceutical companies may be forced to hike prices of medicines exported to the United States if the Trump administration moves ahead with its proposed import tariff of up to 200 per cent, industry sources have said. The sharp increase in duties could severely impact cost structures, especially for smaller drugmakers operating on narrow profit margins.

“It is still an evolving situation. We think that it (tariff) cannot be that much because it would also increase the cost for buyers in the US. In the worst-case scenario, if it happens, then we will have to increase the prices accordingly, we don’t have a choice there as we operate on low margins,” a senior industry executive told PTI.

The Bank of England has warned that rising global tensions and unpredictable US tariffs could pose serious risks to the UK’s financial system. In its latest half-year report, the Bank pointed to ongoing trade disputes between the US and China, along with conflicts in Iran, Gaza, and Ukraine, as key areas of concern.

“As an open economy with a large financial sector, these risks are particularly relevant to UK financial stability,” it added.

The European Union is pushing to secure a trade agreement with the United States within days to avoid the return of steep tariffs, an EU trade spokesman said on Wednesday. Talks have intensified following US President Donald Trump’s decision to extend the tariff deadline from July 9 to August 1.

EU trade spokesman Olof Gill said the bloc is ready to strike a deal and that reaching an agreement now depends on both sides finding common ground. Without a resolution, the two powers risk reigniting a damaging trade war.

Trump’s tariff push on copper and pharmaceuticals is set to test India’s export resilience. On July 8, US President Donald Trump announced a 50 per cent tariff on copper imports and said that tariffs on pharmaceutical imports could reach as high as 200 per cent within a year.

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Global shares moved mostly higher on Wednesday, with investors reacting to ongoing trade negotiations sparked by the Trump administration’s push for stronger deals. After a mixed session on Wall Street, early trading in Europe showed gains across major indexes — Germany’s DAX rose 0.7%, the UK’s FTSE 100 edged up 0.1%, and France’s CAC 40 climbed 0.8%.

In Asia, Japan’s Nikkei 225 closed 0.3% higher, while South Korea’s Kospi added 0.6%, as both countries work to finalise trade agreements with the United States before new US tariffs take effect on 1 August. Meanwhile, futures for the S&P 500 and Dow Jones in the US were also up 0.1%, signalling cautious optimism among global investors.