Trump Slaps 30% Tariff On Iraq, Says It’s ‘Less Than What Is Needed’

President Donald Trump announced a 30% tariff rate for Iraq on Wednesday in a post on Truth Social, stating that the rate would apply to all goods sent from the country to the U.S.

He added that goods transshipped to evade a higher tariff would be subject to that higher tariff. Trump also warned that if Iraq responded with reciprocal tariffs, then those tariffs would be added to the levies the U.S. has imposed on Iraq.

“Please understand that the 30% number is far less than what is needed to eliminate the Trade Deficit disparity we have with your country,” the President said in his Truth Social post.

Equity markets remained in the green after the announcement. The SPDR S&P 500 ETF (SPY), which tracks the broader S&P 500 index, was up 0.26%, while the SPDR Dow Jones Industrial Average ETF (DIA) was 0.15% higher. Invesco QQQ Trust Series 1 (QQQ), which tracks the tech-heavy Nasdaq-100, gained 30% in morning trade.

Trump warned on Wednesday that he would be issuing letters to at least seven countries today. In addition to Iraq, the President has issued tariff letters to the Philippines, Moldova, Algeria, Libya, Brunei and Sri Lanka. 

The announcement comes after Trump has already announced tariffs on South Korea, Japan, and 12 other countries. In a post on Truth Social, he reiterated that there would be no change or extensions on the raft of duties he announced on those nations. The new tariff rates range from 25% to 40% and are set to begin on Aug. 1.

During a cabinet meeting on Tuesday, the President also said that the U.S. would be implementing 50% tariffs on copper as well as trade levies on the semiconductor and pharmaceutical sectors.

According to U.S. Commerce Secretary Howard Lutnick, there are another 15 to 20 new tariff letters due in the coming days. He also said that the copper tariffs announced by Trump are likely to be put into place by the end of July, maybe August 1.

There haven’t been any updates on a trade deal with China yet. Lutnick said he would be joining Treasury Secretary Scott Bessent and trade representative Jamieson Greer to meet Chinese officials on trade in early August.

More trade letters are expected in the afternoon. According to Bessent, the U.S. has already collected $100 billion in tariffs so far this year and expects that figure to reach $300 billion by year-end.

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Read also: Trump Hits Libya With 30% Tariff, Urges Country To Bring More Manufacturing To The US

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