BRICS voice 'serious concerns' about Trump tariffs
"We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO rules," the bloc said in a summit statement, referring to the World Trade Organization.
The 11 emerging nations, including Brazil, Russia, India, China and South Africa, represent about half the world's population and 40 percent of global economic output.
The bloc is divided about much, but has found common cause when it comes to the mercurial US leader and his stop-start tariff wars.
BRICS described such tariffs as illegal and arbitrary, threatening to "further reduce global trade, disrupt global supply chains, and introduce uncertainty into international economic and trade activities."
In April, Trump threatened allies and rivals alike with a slew of punitive duties, but abruptly offered a reprieve in the face of a fierce market sell-off.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
an hour ago
- Straits Times
While You Were Sleeping: 5 stories you might have missed, July 13, 2025
Sign up now: Get ST's newsletters delivered to your inbox US President Donald Trump has threatened a 30 per cent tariff on European goods starting Aug 1, unless the US and EU agree a trade deal. EU says it still wants US trade deal, will defend interests The European Union said on July 12 it was ready to retaliate to defend its interests if the United States pressed ahead with imposing a 30 per cent tariff on European goods from Aug 1. US President Donald Trump latest salvo surprised the bloc, the United States' largest trading partner, which had hoped to avoid an escalating trade war after intense negotiations and increasingly warm words from the White House. Dr Ursula von der Leyen, head of the EU executive which handles trade policy for the 27 member states, said the bloc was ready to keep working towards an agreement before Aug 1, but was willing to stand firm. EU ambassadors will discuss next steps on July 13, before trade ministers meet in Brussels on July 14 for an extraordinary meeting. READ MORE HERE Gaza truce talks in the balance as sides trade blame PHOTO: AFP Gaza ceasefire talks hung in the balance as Hamas and Israel on July 12 accused the other of blocking attempts to strike a deal, nearly a week into an attempt to halt 21 months of bitter fighting in the Palestinian territory. A Palestinian source with knowledge of the indirect talks in Qatar told AFP that Israel's proposals to keep its troops in the war-torn territory were holding up a deal for a 60-day pause. Top stories Swipe. Select. Stay informed. Singapore Government looking at enhancing laws around vaping to tackle issue of drug-laced vapes in Singapore Singapore Why the vape scourge in Singapore concerns everyone Singapore Organised crime groups pushing drug-laced vapes in Asia including Singapore: UN Singapore I lost my daughter to Kpod addiction: Father of 19-year-old shares heartbreak and lessons Singapore Prison school to NUS: At 36, former drug abuser finds it's never too late to get a degree Singapore Bland and boring? Some hospitals seek help from big names to enhance food menus for patients Asia Patriotism, peace and pain: The politics behind China's World War II narrative World US slaps 30% tariffs on EU and Mexico; EU warns of countermeasures But on the Israeli side, a senior political official, also speaking on condition of anonymity due to the sensitivities of the talks, accused the militants of inflexibility and deliberately trying to scuttle an accord. READ MORE HERE Trump threatens to revoke Rosie O'Donnell's citizenship US President Donald Trump on July 12 said he might revoke talk show host Rosie O'Donnell's US citizenship after she criticised his administration's handling of weather forecasting agencies in the wake of the deadly Texas floods, the latest salvo in a years-long feud the two have waged over social media. 'Because of the fact that Rosie O'Donnell is not in the best interests of our Great Country, I am giving serious consideration to taking away her Citizenship,' Mr Trump wrote on his Truth Social platform, invoking a deportation rationale the administration has used in attempts to remove foreign-born protesters from the country. 'She is a Threat to Humanity, and should remain in the wonderful Country of Ireland, if they want her. GOD BLESS AMERICA!' he added. READ MORE HERE Japan's Hokkaido issues highest-level bear warning PHOTO ILLUSTRATION: UNSPLASH Hokkaido on July 12 issued a strong warning of brown bears in one of its towns after a fatal attack on a newspaper deliveryman there, making it the first time that the highest level of alert has been sent out in the northern prefecture. The warning, affecting the town of Fukushima in south-western Hokkaido, is expected to be effective for a month through Aug 11. The highest level of a three-stage alert is issued when a bear attacks a human in an urban area or its vicinity. READ MORE HERE Iga Swiatek revels in special Wimbledon triumph PHOTO: AFP Iga Swiatek bulldozed her way to a maiden Wimbledon title on July 12 to take her Grand Slam tally to six and although the Pole preferred not to rank her wins, she said her latest one felt a little more special than the others. The 24-year-old has won four Suzanne Lenglen Cups in the last six editions of the French Open to establish herself as the 'Queen of Clay' and conquered the hardcourts of the US Open in 2022, but the grasscourts of Wimbledon have always proved slippery. Having crossed the quarter-final hurdle for the first time this year, she brutally dismantled Amanda Anisimova 6-0 6-0 in the final to confirm herself as a versatile virtuoso of the women's game.
Straits Times
2 hours ago
- Straits Times
EU says it still wants US trade deal, will defend interests
Sign up now: Get ST's newsletters delivered to your inbox US President Donald Trump has threatened a 30 per cent tariff on European goods starting on Aug 1, unless the US and EU agree a trade deal. BRUSSELS - The EU is ready to retaliate to safeguard its interests if the US proceeds with imposing a threatened 30 per cent tariff on European goods starting on Aug 1, European Commission President Ursula von der Leyen said on July 12. However, Dr von der Leyen, head of the EU executive which handles trade policy for the 27 member countries of the EU, said it was also ready to keep working towards an agreement by Aug 1. 'Few economies in the world match the European Union's level of openness and adherence to fair trading practices,' she said, in response to new threats by US President Donald Trump on July 12 escalating a trade war Europe had hoped to avoid. 'We will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required,' she said, of possible retaliatory tariffs on US goods entering Europe. European capitals swiftly backed that position. 'As part of European unity, it is more than ever up to the Commission to assert the Union's determination to defend European interests resolutely,' French President Emmanuel Macron said on X. German Economy Minister Katherina Reiche urged a statement for a 'pragmatic outcome to the negotiations'. Top stories Swipe. Select. Stay informed. World US slaps 30% tariffs on EU and Mexico; EU warns of countermeasures Singapore S'pore shows what's possible when digital innovation is matched with purpose: UK foreign secretary Singapore Casual racism should be tackled by getting more people to understand it is not acceptable: David Neo Asia Fuel was cut off during take-off: Preliminary report on Air India crash Singapore Pulling back the curtain: A backstage look at the 2025 NDP show segment Singapore $3 cashback for hawker centre meals and shopping at heartland stores with DBS PayLah initiative Singapore Body of 62-year-old man recovered from waters off East Coast Park Asia Aerobridge hits Qantas plane at Sydney Airport, damaging engine, delaying flight 'The tariffs would hit European exporting companies hard. At the same time, they would also have a strong impact on the economy and consumers on the other side of the Atlantic,' she said. Spain's Economy Ministry backed further negotiations but added that Spain and others in the EU were ready to take 'proportionate countermeasures if necessary'. Mr Trump has periodically railed against the European Union, saying in February it was 'formed to screw the United States' and asking why Europe exports so many cars but buys so few US cars in return. His biggest grievance is the US merchandise trade deficit with the EU, which in 2024 amounted to US$235 billion (S$300 billion), according to US Census Bureau data. The EU has repeatedly pointed to the US surplus in services, arguing it in part redresses the balance. Combining goods, services and investment, the EU and the United States are each other's largest trading partners by far. The American Chamber of Commerce to the EU said in March the trade dispute could jeopardise US$9.5 trillion of business in the world's most important commercial relationship. 'Europe must not allow itself to be intimidated by this, but must soberly seek a solution at the negotiating table on equal terms,' said Mr Dirk Jandura, president of the German exporters association BGA, adding the latest threats were a 'well-rehearsed' part of his negotiating strategy. Mr Carsten Brzeski, global head of macro at ING, said Mr Trump's move suggested that months of negotiations remained deadlocked and that things were inching towards a make-or-break moment for the transatlantic trade relationship. 'The EU will now have to decide whether to budge or to play hardball,' he said. 'Its hard to draw real conclusions right now other than this will bring market volatility and even more uncertainty.' Mr Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, noted that the brunt of the US tariffs, if implemented, would be felt by US consumers. 'The EU should take a hard line in negotiations, because model calculations show that tariffs against the EU have a stronger negative effect in the US than in the euro zone.' That said, there would also be clear repercussions for the euro area economy, already struggling with weak growth. The European Central Bank had used a 10 per cent tariff on EU exports to the US as the baseline in its latest economic projections, which put output growth in the euro area at 0.9 per cent this year and 1.1 per cent the next and 1.3 per cent in 2027. It said a 20 per cent US tariff would curb growth by 1 percentage point over the same period and also pull down inflation to 1.8 per cent in 2027, from 2 per cent in the baseline scenario. It did not even offer an estimate for the possibility of a 30 per cent tariff. REUTERS
CNA
3 hours ago
- CNA
Trump says Mexico, EU to face 30% tariff from Aug 1
WASHINGTON: President Donald Trump on Saturday (July 12) targeted Mexico and the European Union with steep 30 per cent tariffs, dramatically raising the stakes in already tense negotiations with two of the largest US trading partners. Both sets of duties would take effect Aug 1, Trump said in formal letters posted to his Truth Social platform. The president cited Mexico's role in illicit drugs flowing into the United States and a trade imbalance with the EU as meriting the tariff threat. Both partners swiftly slammed the new duties, with the EU warning they could disrupt supply chains - but insisting it would continue talks seeking an agreement with the US - while Mexico branded them an "unfair deal." French President Emmanuel Macron expressed "very strong disapproval" of the step and called on the bloc to "resolutely defend European interests." Since returning to the presidency in January, Trump has unleashed sweeping stop-start tariffs on allies and competitors alike, roiling financial markets and raising fears of a global economic downturn. But his administration is coming under pressure to secure deals with trading partners after promising a flurry of agreements. So far, US officials have only unveiled two pacts, with Britain and Vietnam, alongside temporarily lower tit-for-tat duties with China. NOT ENOUGH The fresh duties for Mexico announced by Trump would be higher than the 25 percent levy he imposed on Mexican goods earlier this year, although products entering the United States under the US-Mexico-Canada Agreement (USMCA) are exempted. "Mexico has been helping me secure the border, BUT, what Mexico has done, is not enough," Trump said in his letter to Mexican President Claudia Sheinbaum. "Starting August 1, 2025, we will charge Mexico a Tariff of 30% on Mexican products sent into the United States." The Mexican government said it had been informed of the new threat during talks in the United States on Friday. "We mentioned at the table that it was an unfair deal and that we did not agree," the Mexican economy and foreign ministries said in a joint statement. The EU tariff is also markedly steeper than the 20 per cent levy Trump unveiled in April, as negotiations with the bloc continue. "Imposing 30 per cent tariffs on EU exports would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic," European Commission chief Ursula von der Leyen said in a statement, in reply to Trump's letter to her. "We remain ready to continue working towards an agreement by August 1. At the same time, we will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required," she added. Meanwhile, Macron backed efforts to reach an agreement that "reflects the respect that trade partners such as the European Union and the United States owe each other." But he urged the bloc to "step up the preparation of credible countermeasures" to implement if the two sides fail to reach an agreement in time. PRECARIOUS MOMENT The EU, alongside dozens of other economies, had been set to see its US tariff level increase from a baseline of 10 per cent on Wednesday, but Trump pushed back the deadline to Aug 1. Mexico and Canada come under a separate tariff regime. Since the start of the week, Trump has sent out letters to more than 20 countries with updated tariffs for each, including a 35 per cent levy for Canada. A US official told AFP Saturday that the USMCA exemption was expected to remain for both Mexico and Canada, although the president has yet to make final decisions. Brussels said Friday that it was ready to strike a deal with Washington to prevent the return of 20 per cent levies. The EU has prepared retaliatory duties on US goods worth around 21 billion euros after Trump also slapped separate tariffs on steel and aluminium imports earlier this year, and they are suspended until Jul 14. European officials have not made any move to extend the suspension but could do it quickly if needed. "Despite all the movement toward a deal, this threat shows the EU is in the same camp of uncertainty as almost every other country in the world," said Josh Lipsky, chair of international economics at the Atlantic Council.
