In a post on Truth Social, President Trump said these tariffs on Algeria will kick in from August 1 and will cover all goods imported from the country.

The U.S. is set to place hefty tariffs on several big energy producers—Algeria, Brazil, Iraq and Libya. So why do oil traders seem unbothered? For one thing, the executive order that accompanied Trump's April "Liberation Day" tariffs exempted energy and energy products.

President Donald Trump has launched a fresh assault on global trading partners with Canada likely to be among the worst hit.