Trump issues 10% tariffs warning over BRICS policies
Why it matters: While Trump didn't elaborate further, BRICS issued a statement hours earlier saying the 11 nations-strong bloc that includes Brazil, Russia, India and China had "serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade," which it said was "inconsistent with" World Trade Organization rules.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
25 minutes ago
- Business Insider
Trump threatened additional tariffs for countries aligning with 'anti-American' BRICS policies
President Donald Trump has issued a new tariff threat. "Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff," Trump wrote in a post on Truth Social on Sunday night. "There will be no exceptions to this policy," he added. Trump's comments come amid a two-day BRICS summit in Rio de Janeiro. The group of emerging nations includes key members Brazil, Russia, India, China, and South Africa. On Sunday, the BRICS group issued a statement expressing "serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO rules." The group also condemned US and Israeli military strikes on Iran, a BRICS member. It called for negotiations to achieve a ceasefire and a full withdrawal of Israeli forces from the Gaza Strip. "We reiterate our grave concern about the situation in the Occupied Palestinian Territory, with the resumption of continuous Israeli attacks against Gaza and obstruction of the entry of humanitarian aid into the territory," the statement said. It's not the first time Trump has taken aim at BRICS. In December, he threatened a 100% tariff on countries pursuing alternatives to the US dollar. Economists said at the time that the move could backfire. Even so, BRICS nations have been exploring alternatives to the US dollar. De-dollarization discussions accelerated after sweeping sanctions against Russia over its full-scale invasion of Ukraine in February 2022. On Sunday, the BRICS group said it would continue discussing a cross-border payments system among member states. Trump's threats of even more tariffs on countries aligning with BRICS come ahead of his administration's plans to send letters to trading partners informing them of new tariff rates on their imports to the US. Trump said in a separate post that the letters would be delivered starting at noon ET on Monday.
Business Insider
31 minutes ago
- Business Insider
Thailand offers U.S. more concessions to avoid tariff, Bloomberg says
In an effort to avert a 36% export levy threatened by the Trump administration, Thailand is offering greater market access for U.S. farm and industrial goods, along with increased purchases of energy and Boeing (BA) jets, Patpicha Tanakasempipat of Bloomberg reports. Finance Minister Pichai Chunhavajira told Bloomberg News in an interview that Bangkok's latest proposal aims to boost bilaterial trade volume and also reduce Thailand's $46B trade surplus with the U.S. by 70% within the next five years. Don't Miss TipRanks' Half-Year Sale Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
UPI
32 minutes ago
- UPI
On This Day, July 7: London transit attacks kill 52
July 7 (UPI) -- On this date in history: In 1846, U.S. Navy Commodore J.D. Sloat proclaimed the annexation of California by the United States. In 1865, four people convicted of conspiring with John Wilkes Booth in the assassination of U.S. President Abraham Lincoln were hanged in Washington. In 1898, U.S. President William McKinley signed a joint resolution of Congress authorizing the annexation of Hawaii by the United States. In 1930, construction began on the Giant Boulder Dam, which in 1947 was renamed the Hoover Dam. In 1946, Mother Frances Xavier Cabrini (1850-1917) became the first American to be canonized a saint in the Roman Catholic Church. In 1976, the U.S. Military Academy at West Point in New York enrolled female cadets for the first time in the institution's then-174-year-old history. In 1981, Sandra Day O'Connor was chosen by U.S. President Ronald Reagan to become the first woman on the U.S. Supreme Court. She was unanimously approved by the Senate. File Photo by Roger L. Wollenberg/UPI In 1999, a Miami-Dade County jury held the leading tobacco companies liable for various illnesses of Florida smokers. The class-action lawsuit, filed in 1994, was the first of its kind to reach trial. In 2005, terrorists struck the London transit system, setting off explosions in three subway cars and a double-decker bus in coordinated rush-hour attacks. Fifty-two people were killed and more than 700 injured. In 2010, a Paris court sentenced former Panamanian ruler Manuel Noriega to seven years in prison for money laundering. He was convicted of funneling about $3 million of Colombian drug money into French bank accounts. In 2012, U.S. Rep. Barney Frank of Massachusetts married his longtime partner, Jim Ready, in a ceremony officiated by Gov. Deval Patrick. He was the first member of Congress to publicly come out as gay and first to marry a same-sex partner while in office. File Photo by Kevin Dietsch/UPI In 2013, Andy Murray became the first British player in 77 years to win the men's singles title at Wimbledon, defeating Serb Novak Djokovic in straight sets in the championship match. In 2016, a gunman opened fire at an otherwise peaceful Black Lives Matter rally in Dallas, killing four police officers and one transit officer, and injuring seven others. Police killed the gunmen, who was holed up in a parking garage, using a robot strapped with an explosive. In 2017, Elon Musk's Tesla Motors produced its first mass-market vehicle, the Model 3. In 2022, after months of scandal and calls for his resignation, British Prime Minister Boris Johnson agreed to step down. In 2024, the Transportation Security Administration screened more than 3 million people, a new record for clearing passengers for air travel in the United States. The TSA most recently broke the record again in June 2025.
