Latest news with #BRICS-aligned
Int'l Business Times
5 days ago
- Politics
- Int'l Business Times
Brazil Summons US Envoy Over Criticism Of Bolsonaro Trial
Brazil said Wednesday it had summoned the US charge d'affaires in a diplomatic row following President Donald Trump's criticism of the coup trial of his right-wing ally, ex-leader Jair Bolsonaro. The foreign ministry in Brasilia told AFP that envoy Gabriel Escobar will be called to explain an embassy statement describing Bolsonaro as a victim of "political persecution" -- echoing Trump's claims of a "witch hunt" against the 70-year-old Brazilian firebrand. Trump on Monday urged Brazilian authorities to "LEAVE BOLSONARO ALONE," in a post on social media. "They have done nothing but come after him, day after day, night after night, month after month, year after year!" the US president wrote. Leftist President Luiz Inacio Lula da Silva, who narrowly beat Bolsonaro in a divisive election in 2022, has hit back at Trump's "interference," insisting that "no one is above the law." Bolsonaro denies he was involved in an attempt to wrest power back from Lula in an alleged coup plot prosecutors say failed only for a lack of military backing. After the plot fizzled, rioting supporters known as "Bolsonaristas" raided government buildings in 2023 as they urged the military to oust Lula. Bolsonaro was abroad at the time. The case against Bolsonaro carries echoes of Trump's prosecution over the January 6, 2021 attacks by his supporters, who overran the US Congress to try and reverse his election loss. Trump pleaded not guilty, and the case was abandoned when he was reelected president. The cases have drawn the Trump and Bolsonaro families together, with the Brazilian ex-leader's sons lobbying for US sanctions against a Supreme Court judge sitting on the ex-president's trial. In his post Monday, Trump suggested Bolsonaro was the favorite in presidential elections next year, despite being banned from running for spreading disinformation about Brazil's voting system. Bolsonaro senior thanked Trump for his defense of "peace, justice and liberty" in a social media post. On Wednesday, the US embassy in Brasilia issued a statement to "reinforce" Trump's support for Bolsonaro. "Jair Bolsonaro and his family have been strong partners of the United States," read the note. "The political persecution against him, his family, and his followers is shameful and disrespects Brazil's democratic traditions." The showdown between the two countries extended to the economic sphere this week, when members of the BRICS grouping, meeting in Brazil under host Lula, criticized Trump's imposition of import tariffs and his bombing of Iran. This drew the US president's ire and a threat of 10 percent additional tariffs on each BRICS-aligned country. Lula insisted BRICS members were sovereign and did not want an "emperor."
Fibre2Fashion
5 days ago
- Business
- Fibre2Fashion
Tariff delay deepens economic uncertainty, warns ITC chief
The extension of the US tariff pause until August 1, 2025, has sparked renewed concerns over global trade instability, with Pamela Coke-Hamilton, executive director of the International Trade Centre (ITC), warning that the move deepens economic uncertainty and threatens long-term investment and trade contracts—particularly in developing nations. Speaking at a public forum, Coke-Hamilton criticised the US decision to delay the imposition of steep reciprocal tariffs, noting that while the pause temporarily shields developing countries from the harshest rates—ranging from 40 to 50 per cent in some cases—it comes at the cost of strategic clarity. The US tariff pause extension to August 1, 2025, has intensified trade uncertainty, particularly for developing nations. ITC head Pamela Coke-Hamilton warned it undermines investment and disrupts contracts, with layered duties harming exporters. Over 150 new trade barriers, a 28 per cent cut in G7 aid, and new tariffs on BRICS-aligned nations add to instability. 'This move extends the period of uncertainty, undermining long-term investment and business contracts, creating further instability,' she said. Coke-Hamilton highlighted that although the current 10 per cent levy is less punitive than the proposed reciprocal rates, it remains an additional cost on top of existing duties. This layered burden disproportionately affects low-income exporters in apparel and agriculture. The broader impact of restrictive trade policies is evident in the over 150 new trade barriers tracked globally in 2025 alone, exacerbating the downturn that began with the Ukraine war and rising geopolitical friction. Developing nations are hit hardest. Lesotho, for instance, faces a looming 50 per cent tariff on apparel exports—jeopardising duty-free benefits under the African Growth and Opportunity Act and endangering tens of thousands of jobs. Vietnam, despite negotiating a lower rate, now faces a 20 per cent tariff—double the temporary 10 per cent base and still a major hurdle for its nearly $1 billion auto sector exports to the US. Further complexity emerged over the weekend with the announcement of an additional 10 per cent tariff on countries aligning with certain BRICS policies, a move seen as further targeting the Global South. To compound the trade disruption, G7 countries are projected to slash development aid by 28 per cent in 2025—the steepest cut since the bloc's founding. 'A perfect storm is brewing,' Coke-Hamilton warned, 'just as trade becomes more unpredictable, external support through aid is also shrinking'. However, she outlined three strategies for developing nations to regain stability: investing in regional value chains—such as through the African Continental Free Trade Area (AfCFTA); focusing on value-added manufacturing to reduce commodity dependence; and elevating the small business agenda, which will be central to the Global SME Ministerial Meeting in Johannesburg on July 22-24. 'The path forward for developing economies lies in cooperation, innovation, and a renewed focus on inclusive trade,' she concluded. Fibre2Fashion News Desk (KD)
Yahoo
6 days ago
- Business
- Yahoo
What is BRICS? Trump threatens more tariffs for countries with 'Anti-American' policies
As the tariff extension nears its deadline, President Donald Trump has threatened to add an additional 10% tax on imports from BRICS-aligned countries. Trump's April 2 "Liberation Day" brought a minimum of 10% tariffs for most countries, with additional "reciprocal" tariffs on imports from more than 70 countries. He later delayed the reciprocal tariffs until July 9. The White House announced on July 7 that the deadline would be extended to August 1. Trump has teased negotiations over the tariff rates since, and late on July 6, said letters and deals on tariffs would start being communicated to various countries the following day. In another July 6 post on Truth Social, Trump threatened an additional 10% tariff on imports from another subset of countries. "Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff," Trump's post stated. "There will be no exceptions to this policy." What countries might he be talking about? More: US close to several trade deals ahead of tariff deadline this week, Trump officials say BRIC is an acronym coined in 2001 to describe rapidly developing countries that could impact the global economy. Those originally included: Brazil Russia India China South Africa joined the group in 2010, changing the acronym to BRICS, according to the Library of Congress. Over time, foreign leaders from each country began meeting and collaborating in formal summits. The BRICS countries make up approximately 45% of the world's population. Reuters reported in 2023 that the group of developing countries has sought to challenge the world order of Western dominance. In 2024, five more countries joined the bloc, according to Reuters. The newly admitted BRICS countries are: Iran Ethiopia Egypt Indonesia United Arab Emirates The BRICS countries issued a joint statement from their summit that started in Rio de Janeiro, Brazil on July 6, warning that tariffs could hurt global trade, according to Reuters. Trump's Truth Social threat came hours later. Trump has previously threatened tariffs on the BRICS countries, apparently in response to efforts to undermine the dollar. In November 2024, he posted on Truth Social a threat to issue a 100% tariff against BRICS countries. So far, the only country to receive a 100% or higher tariff rate under this Trump administration was China. After weeks of the escalating trade war between the world's second-largest economy and the U.S., the two reached an agreement to lower the triple-digit tariff rates while they discussed a trade deal. Here are the tariff rates the other BRICS countries faced as of early April. However, rates above 10% were delayed for 90 days, and the Trump administration has teased that several deals could be announced the week of July 7. Brazil - 10% Russia - 0% (The White House said there are previously imposed sanctions on exempt countries that "preclude any meaningful trade with these nations." India - 26% South Africa - 30% Iran - 10% Ethiopia - 10% Egypt - 10% Indonesia - 32% United Arab Emirates - 10% Financial Times columnist Robert Armstrong coined "TACO trade" in May, describing how some investors anticipate market rebounds amid Trump's on-again, off-again tariff policies. The acronym stands for "Trump always chickens out." Armstrong describes TACO trade as many investors' strategy to buy into the market that dips when Trump announces steep tariffs on the assumption that he will back off his tariff order, and the market will rebound. Trump hit back at a reporter who asked about the term on May 28, saying, "you ask a nasty question like that. It's called negotiation." (This story has been updated with new information.) Contributing: Joey Garrison, Swapna Venugopal Ramaswamy, Carlie Procell, Josh Meyer, Cybele Mayes-Osterman, USA TODAY; Reuters Kinsey Crowley is the Trump Connect reporter for the USA TODAY Network. Reach her at kcrowley@ Follow her on X and TikTok @kinseycrowley or Bluesky at @ This article originally appeared on USA TODAY: BRICS nations meaning explained: Donald Trump's latest tariff threat
The Star
7 days ago
- Business
- The Star
Malaysia faces new US risk from BRICS ties
PETALING JAYA: Malaysia may have to grapple with fresh uncertainties amid a decision by the United States to impose an additional 10% default tariff on any country seen as aligning with 'the anti-American policies of BRICS.' This development comes as the July 9 tariff deadline looms and follows the recent BRICS Summit in Brazil, which was also attended by Prime Minister Datuk Seri Anwar Ibrahim. However, earlier comments by Anwar last month indicated that tariffs talks between Malaysia and the United States had proceeded smoothly. This latest 10% tariff threat – aimed at countries perceived to be closely aligned with BRICS – contributed to weakness on Bursa Malaysia yesterday, with the FBM KLCI declining 12.65 points, or 0.82%, to 1,537.54 at the close, snapping nine consecutive days of gains. The broader market was negative, with 754 losers, 260 gainers and 446 counters unchanged. Socio-Economic Research Centre executive director Lee Heng Guie said the latest tariff threat by US President Donald Trump is a continuation of an evolving trade policy narrative. 'It looks like Malaysia has to live with this uncertainty for the time being. 'If so, the country will have to brace for a situation where, under the Trump administration and maybe even after that, US tariffs become the new norm and are here to stay,' Lee told StarBiz. Companies may need to reconfigure supply chains to adapt to this new reality, as Malaysia's geopolitical neutrality will likely be further tested in the days ahead, he added. BRICS refers to a forum for cooperation among a group of leading emerging economies. Last year, the group expanded beyond its original five members – Brazil, Russia, India, China and South Africa – to include Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates. The bloc – aimed at elevating member nations' global influence and serving as a counterweight to the United States and Western Europe – now represents more than half of the world's population. CGS International Securities head economist Ahmad Nazmi Idrus said the proposed 10% tariff is a negative development for Malaysia. 'Currently, we expect Malaysia to get a 10% tariff (status quo) and if the tariff gets higher than this, it will be negative for the economy. 'That being said, there needs to be a definition on what 'alliance with BRICS' actually means. We are partners and not a full member, but so is Vietnam,' Ahmad Nazmi said. Sunway University's professor of economics Yeah Kim Leng noted that many countries have strong trade relationships with BRICS and are unlikely to be deterred by the 10% tariff threat, especially if the economic and trade benefits with the group outweigh the cost of a US market loss. Meanwhile, SPI Asset Management managing partner Stephen Innes said Malaysia is seen to eventually be impacted by Trump's proposed 10% BRICS-aligned countries in due course. 'With deep trade integration and strategic exposure to China, Malaysia could easily be swept into the penalty net – as a collateral casualty in Washington's increasingly binary view of global alliances. 'Exporters in key sectors like electronics and midstream manufacturing face heightened uncertainty, especially if US buyers start rerouting orders preemptively.' However, beyond trade, Innes said the bigger risk is reputational. 'Being lumped, even implicitly, into the BRICS orbit could chill foreign investor appetite just as Malaysia is trying to attract fresh capital. This is no longer about tariff math – it's about alignment optics. 'If neutrality starts looking like silent endorsement in Trump's framework, Malaysia may need to rethink how it positions itself in a world where sitting on the fence can still get you soaked,' he added.
Time of India
7 days ago
- Politics
- Time of India
‘Mind Your Business': Lula Blasts 'Emperor' Trump, Warns Of BRICS Retaliation Over Tariff Threat
Brazilian President Lula da Silva lashes out at Donald Trump's threat to impose new tariffs on BRICS-aligned nations. Calling the former U.S. President an 'emperor,' Lula warned the U.S. to stop behaving like a global bully and vowed retaliation. The war of words comes after Trump's 10% tariff warning over BRICS' 'anti-American policies' following the Rio summit. Read More
