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US Deputy Treasury Secretary Says 'Enormous Progress' Made on Tariffs
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July 9, 2025
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8:00Now PlayingUS President Donald Trump unveiled a new round of tariff demand letters on Wednesday, including a 50% rate on Brazil, one of the highest so far announced for the levies which are set to hit in August.
Trump cited the treatment of former President Jair Bolsonaro in his letter to Brazil, calling on authorities to drop charges against him over an alleged coup attempt. “This Trial should not be taking place. It is a Witch Hunt that should end IMMEDIATELY!” Trump wrote in the letter.
Trump on Wednesday also said he would levy a 30% rate on Algeria, Libya, Iraq and Sri Lanka, with 25% duties on products from Brunei and Moldova and a 20% rate on goods from the Philippines. The levies were largely in line with rates Trump had initially announced in April, though Iraq’s duties are down from 39% and Sri Lanka’s reduced from 44%.
US Deputy Treasury Secretary Michael Faulkender discusses the Trump Administration announcing tariff rates on various countries including Brazil and the Philippines, and whether or not these new tariff rates will persuade these countries to stop trading with the US and instead trade with China. Faulkender also talks about how many trade agreements the President can get done before August 1 & how the Treasury department is getting ready to implement the changes made by the Tax Bill. Michael Faulkender speaks with Kailey Leinz and Joe Mathieu on the late edition of Bloomberg's "Balance of Power."
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