New Delhi, July 12 -- President Trump is hitting many countries with new taxes called tariffs. These are fees on things countries sell to the United States. On August 1, Brazil is set to face the highest tax at 50%, while Iraq, Algeria, and Sri Lanka face 30% taxes.

Other nations like Brunei, Libya, and Moldova will pay 25%, and the Philippines 20%. Trump says these taxes fix "grave injustices" and trade imbalances.

For example, the U.S. buys $5.9 billion more from Iraq than it sells there. Surprisingly, Brazil sells less to the U.S. than it buys, yet still gets the highest tax.

Trump sent warning letters to at least 14 countries, telling them their new tax rates if they don't comply by August 1. Japan and South Korea, big U.S. partner...