After the BRICS nations voiced grave worries about countries applying unilateral tariffs, President Trump threatened late Sunday to levy an extra tariff on those that support their policies.
Any nation that supports the BRICS’ anti-American actions will be subject to an additional 10% tariff. Mr. Trump stated in a Truth Socialpost that there will be no exceptions to this rule. He didn’t go into detail or specify which BRICS policy he was talking about.
A two-day summit of the BRICS nations, which were first composed of Brazil, Russia, India, and China and later extended to include South Africa and a few other countries, got underway in Rio de Janeiro on Sunday. Although the group did not specifically name the president or the US, its statement seemed to condemn the foreign policy and tariffs of the Trump administration.
According to the claims, unilateral tariffs caused supply chain disruptions, decreased global trade, and increased uncertainty in international trade. Additionally, it denounced last month’s military operations on Iran as a breach of international law. In what both nations said as a campaign targeting Tehran’s nuclear facilities, the United States and Israel joined Israel in bombing Iran.
The countries to whom Mr. Trump’s warning applied were not made clear. In order to expand the influence of the largest emerging economies in the globe, the BRICS group was established in 2009. In addition to the founding members, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates are currently members.
In April, Mr. Trump declared imposing high tariffs on almost all of his trading partners. In an attempt to obtain concessions, the White House subsequently put a 90-day halt to those duties until July 9. However, only two tentative agreements—with Vietnam and Britain—have been made public.
The president has already threatened the BRICS countries. He threatened to apply a 100% tax in June if the nations switched from using the US dollar as their reserve currency. The threat was initially issued by him following his electoral victory in November of last year. A Russian report for a BRICS summit the previous month had called for a reevaluation of the dollar’s pivotal role in world banking.
