U.S. President Donald Trump on Wednesday issued a round of tariff letters to seven countries, including Algeria, Iraq, Libya, Sri Lanka and the Philippines.

None of the countries targeted in the first batch of letters — the Philippines, Brunei, Moldova, Algeria, Libya, Iraq and Sri Lanka — is a major industrial rival to the United States.

It's a sign that a president who has openly expressed his love for the word “tariff” is still infatuated with the idea that taxing trade will create prosperity for America. Most economic analyses say the tariffs will worsen inflationary pressures and subtract from economic growth,