By US President Donald Trump’s tariff threats see no end and BRICS grouping is his latest target.
Ahead of his July 9 tariff deadline, as investors remain on the edge closely tracking his every move, President Trump issued fresh warnings on Sunday.
Donald Trump took to Truth Social and warned of additional 10% tariffs on nations aligning themselves with the “anti-American” policy of BRICS.
Any Country aligning themselves with the Anti-American policies of BRICS will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!
BRICS, which includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates as members held its latest summit in Rio de Janeiro and warned about threats to global trade due to the rise in tariffs.
In its recent summit, BRICS countries issued a joint statement condemning the US-Israeli airstrikes on Iranian nuclear and military facilities.
NAM 2.0?
Brazil President Luiz Inacio Lula da Silva gave a fiery opening speech at the BRICS summit and compared the bloc with the Non-Aligned Movement, a group of nations that refused to take sides during the Cold War.
“BRICS is the heir to the Non-Aligned Movement. With multilateralism under attack, our autonomy is in check once again,” he said.
While speaking about the significance of the bloc, Lula mentioned that BRICS constitutes half of the global population and 40% of its economic output.
With more countries joining, BRICS has gained greater diplomatic influence and is positioning itself as a voice for the Global South, amplifying demands to reform major global bodies like the UN Security Council and the IMF.
Donald Trump vs BRICS
This is not the first time Donald Trump has targeted BRICS as a grouping.
After returning to the White House in January, Trump looked unhappy with BRICS’ efforts to challenge the dominance of the US dollar.
The bloc’s call around “de-dollarisation” didn’t go very well with Donald Trump, who threatened BRICS with 100% tariffs.
Trump’s firm position is intended to push back against such initiatives, which he views as a threat to America’s economic dominance.
It is to be noted that India has refrained from fully engaging in the bloc’s de-dollarisation efforts, opting instead to prioritize shielding its domestic trade from global political uncertainties.
China responds to Trump’s threat
Trump’s recent threat even started generating responses, with China taking a cautious tone and emphasising the impact of tariffs and protectionism.
“Regarding the imposition of tariffs, China has repeatedly stated its position that trade and tariff wars have no winners and protectionism offers no way forward,” Foreign Ministry spokesperson Mao Ning said, reported news agency AFP.
Donald Trump has already delivered letters to various nations about the tariffs they have to pay for imports to the United States, and the fresh warnings will more likely intensify the uncertainties.
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