Wall Street Journal chief economics correspondent Nick Timiraos joins ‘Mornings with Maria’ to discuss the Federal Reserve leaving interest rates unchanged as it navigates President Donald Trump’s tariff strategy.
President Donald Trump on Wednesday announced higher tariff rates on six countries in a flurry of social media posts.
The latest round of Trump’s trade announcements included Libya, Iraq, Algeria, Moldova, Brunei and the Philippines.
The Philippines was charged the lowest tariff rate of 20%. Brunei and Moldova were each hit with rates of 25%, while Trump imposed rates of 30% on Algeria, Iraq and Libya.
Trump posted images of the letters to each country regarding the new tariff rates on his Truth Social platform. The tariffs would start Aug. 1.
TRUMP PLEDGES 50% TARIFF ON COPPER IMPORTS
Trump released the letters regarding the tariffs on social media. (Allison Robbert-Pool/Getty Images, File / Getty Images)
The announcements come after Trump recently said that if 14 countries do not strike a trade deal with the U.S. by the beginning of next month, they will revert to levels set in April.
U.S. President Donald Trump holds up a chart of “reciprocal tariffs” while speaking during a “Make America Wealthy Again” trade announcement event in the Rose Garden at the White House on April 2, 2025, in Washington, DC. (Chip Somodevilla/Getty Images / Getty Images)
In April, Trump announced a “reciprocal” tariff policy under which U.S. tariffs on goods imported from foreign countries would be based on the size of America’s bilateral trade deficit with those countries.
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Fox News Digital’s Sophia Compton, Amanda Macias and Michael Dorgan contributed to this report.
This is a breaking news story; check back for updates.
