President Donald Trump has intensified his trade agenda, announcing tariff letters sent to seven nations—Sri Lanka, Algeria, Iraq, Libya, Philippines, Moldova, and Brunei—promising levies up to 30 per cent starting 1 August unless trade deals are secured.

U.S. West Texas Intermediate crude fell 24 cents, or 0.35%, to $68.14 a barrel.On Wednesday, Trump threatened Brazil, Latin America's largest economy, with a punitive 50% tariff on exports to the U.S.

Trump announced the United States would impose new tariffs on imports from several additional countries as part of his drive to reduce the trade deficit and promote fair trade.

President Trump is again amping up his trade threats, unveiling a new batch of letters to country leaders outlining tariffs on goods imported from their countries beginning in August. Trump on Wednesday posted to social media six letters,

Sweeping tariffs set to be imposed by President Donald Trump next month may cast a pall over his top diplomat's first official trip to Asia.

President Trump’s new tariffs are higher than expected for most Asian economies. Moreover, most countries will face additional tariff rates on transshipments.

Many countries thought they were negotiating in good faith. The White House renewed its “reciprocal” tariff plan anyway, giving countries until Aug. 1 to make offers.

The global tariffs announced by US President Donald Trump in April triggered “strong” investor interest in the Philippines, which was threatened with a lower levy than most neighbors, a top trade official said.