President Donald Trump posted several more letters on social media on Wednesday, setting tariff rates ranging from 20% for products from the Philippines to 30% for products from Algeria, Iraq, Sri Lanka,

The US has imposed new tariffs on imports from seven countries, including the Philippines and Algeria, as part of Trump's drive to reduce the trade deficit and promote fair trade.

President Trump's tariff letters from earlier this week would push up the effective U.S. tariff rate to nearly 20% over time, up from closer to 17%, according to Oxford Economics. "So far, only two trade deals – with the UK and Vietnam – have been announced,

The new tariff rates threatened in the letters Trump shared Wednesday are similar to those he announced on what the White House dubbed “Liberation Day” in early April.