Trump threatens extra 10% tariffs on Brics as leaders meet in Brazil

The Herald

5 days ago

Hours later, Trump warned he would punish countries seeking to join with the grouping.
"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," Trump said in a post on Truth Social.
He did not clarify or expand on the "anti-American policies" reference in his post.
Trump's administration is seeking to finalise dozens of trade deals with a wide range of countries before his July 9 deadline for the imposition of significant "retaliatory tariffs".
Brics nations represent more than half the world's population and 40% of its economic output, Lula noted in remarks on Saturday to business leaders, warning of rising protectionism.
The original Brics group gathered leaders from Brazil, Russia, India and China at its first summit in 2009. The bloc later added South Africa and last year included Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates (UAE) as members. This is the first summit of leaders to include Indonesia.
More than 30 nations have expressed interest in participating in the Brics, either as full members or partners.
Expansion of the Brics has added diplomatic weight to the gathering, which aspires to speak for developing nations across the Global South, strengthening calls for reforming global institutions such as the UN Security Council and the International Monetary Fund.
"If international governance does not reflect the new multipolar reality of the 21st century, it is up to Brics to help bring it up to date," Lula said in his remarks, which highlighted the failure of US-led wars in the Middle East.
Urging the Brics to take the lead on reforms, Lula reflected on the G20 summit hosted in the same locale last November: "In a time, the international scene has deteriorated to the point that some of the initiatives we approved then would no longer be possible."
Stealing some thunder from this year's summit, Chinese President Xi Jinping chose to send his premier in his place. and Russian President Vladimir Putin is attending online due to an arrest warrant from the International Criminal Court.
Several heads of state were gathered for discussions at Rio's Museum of Modern Art on Sunday and Monday, including Indian Prime Minister Narendra Modi and President Cyril Ramaphosa.
However, there are questions about the shared goals of an increasingly heterogeneous Brics group, which has grown to include regional rivals along with major emerging economies.