Trump threatens additional 10% duty on countries supporting anti-American policies of BRICS
In a social media post, Trump stated that any country aligning itself with the "Anti-American policies of BRICS" will face an additional 10 per cent tariff on goods.
"There will be no exceptions to this policy," Trump wrote, adding, "Thank you for your attention to this matter!"
Trump's statement signals a hard stance from the U.S. administration against what it sees as growing opposition from BRICS nations.
The response came after the joint statement of the finance ministers and Central Bank Governors (FMCBG) Meeting of BRICS nations voiced against the unilateral imposition of trade and finance-related actions, including the raising of tariffs and non-tariff measures.
The statement stated, "We voiced our serious concerns with the unilateral imposition of trade and finance-related actions, including the raising of tariffs and non-tariff measures which distort trade and are inconsistent with World Trade Organisation (WTO) rules."
The statement further adds that "In this testing environment, BRICS members have demonstrated resilience and will continue to cooperate among themselves and with other countries to safeguard and strengthen the non-discriminatory, open, fair, inclusive, equitable, transparent, and rules-based multilateral trading system with the WTO at its core, avoiding trade wars that could plunge the global economy into recession or further prolong subdued growth".
Altogether BRICS nations - Brazil, Russia, India, China, South Africa and many other developing nations who joined BRICS over the last few years, accounts for nearly half of the world's population and about 40 per cent of the global GDP. The BRICS group now represents about a quarter of the global trade and investment flows.
As the tariff postponement deadline is approaching on July 9th, U.S. President Donald Trump also announced that the United States Tariff Letters and Deals with various countries will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th.
In a separate social media post, Trump said these letters will be sent to different countries around the world.
Earlier, on April 9th, Trump paused the implementation of tariffs for 3 months, which is ending on July 9th.
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