Latest news with #anti‑American
Arabian Post
6 days ago
- Business
- Arabian Post
BRICS Pledge Cooperation, Not Confrontation With U.S.
Russian Deputy Foreign Minister Sergei Ryabkov stated on Thursday that BRICS is not an 'anti‑American' bloc and will reject any 'language of threats and manipulation.' This assertion followed U. S. President Donald Trump's announcement that countries adopting what he termed 'anti‑American policies' aligned with BRICS would face an extra 10 per cent tariff. Ryabkov emphasised BRICS' focus on dialogue and constructive engagement, not confrontation. He underscored that the group will not be swayed by coercion, signalling Moscow's intent to maintain equilibrium amid escalating trade tensions. At the summit held on 6–7 July in Rio de Janeiro, leaders from the expanding bloc—including Brazil, China, India, South Africa, Egypt, Ethiopia, Indonesia, Iran and the UAE—reiterated unity in promoting multilateralism and equitable global trade norms. China's Foreign Ministry described BRICS as embodying a 'win‑win cooperation' ethos that does not target any individual country. Likewise, Kremlin spokesman Dmitry Peskov noted the group's shared worldview and stressed that BRICS 'never has and never will be directed against third countries'. ADVERTISEMENT President Lula da Silva, Brazil's host and chair, concentrated on pressing issues such as climate change and public health, deliberately sidestepping Trump's tariff threat. A senior Brazilian diplomat stressed BRICS' role in advocating for fair trade and resisting unilateral protectionist measures. The summit's declaration condemned escalating unilateral tariffs and committed to reforms of multilateral institutions like the UN, IMF and World Bank. Leaders also expressed concern over military actions in Iran and called for their restraint. They signalled openness to reducing reliance on the U. S. dollar, noting over 90 per cent of Russia's trade with BRICS partners is already conducted in local currencies. Trump, writing on Truth Social, affirmed that the additional tariff would apply to any country 'aligning themselves with the Anti‑American policies of BRICS,' with no exceptions. Despite his aggressive posture, reports indicate the White House will delay implementation unless specific policy decisions merit action, pending further review up to 1 August. Among bloc members, South Africa reaffirmed that it is neither anti‑American nor ideologically driven, and emphasised its ongoing constructive engagement with the United States. Indonesia also underscored its participation in tariff talks and its pursuit of independent economic policies. Scholars and analysts note that BRICS, founded in 2009 via the Primakov doctrine, now represents almost 40 per cent of global GDP and nearly half the world population. However, internal divergences—spanning economic strategies, political systems and bilateral relations with the West—pose challenges to cohesion. Efforts such as BRICS Pay—a cross‑border payment messaging system launched in 2018—reflect moves to reduce dependency on Western financial infrastructure like SWIFT. While these initiatives aim to bolster transactional resilience, members remain cautious about triggering overt rupture with the United States. At this summit, notable absences included Chinese President Xi Jinping, who sent a delegation in his place—marking the first summit he did not attend since 2012 —and Russian President Vladimir Putin, represented by Foreign Minister Sergey Lavrov. Global diplomatic analysts suggest BRICS seeks a nuanced identity: balancing calls for reforms of global governance architecture with adherence to sovereign trade policies that avoid direct antagonism with the U. S. The bloc's denials of anti‑American orientation appear designed to preserve strategic flexibility and maintain engagement with Western economies. Emerging trends indicate BRICS is likely to pursue gradual de‑dollarisation through expanded trade in national currencies and financial infrastructure frameworks such as BRICS Pay. Additionally, coordinated diplomacy on trade and conflict resolution—echoed in the summit's joint statement—positions the bloc as an alternative yet non‑confrontational platform for the Global South. Key players in this evolving dynamic include Russia and China, which advocate for independent financial systems; Brazil under Lula, which emphasises environmental and social governance; and India, which balances growing Western ties with alliance interests. Newer members such as Iran and Ethiopia add diversity but complicate consensus-building. The coming months will test whether BRICS can solidify its collective influence while managing internal heterogeneity and external tensions. As Washington reassesses tariff strategies and BRICS refines its institutional mechanisms, both sides appear to be establishing lines that favour strategic coexistence rather than confrontation.
India.com
08-07-2025
- Business
- India.com
Trump's Tariff Bombshell: Who's Hit, What's At Stake And How Nations Are Reacting
Washington: U.S. President Donald Trump announced on July 7 a firm deadline. August 1 marks the end of the tariff pause he first introduced in April. Fourteen nations received letters warning of new American import taxes if they fail to strike deals by then. White House officials confirmed to Al-Jazeera that tariffs announced on April 2 were suspended on April 9 for 90 days. They now resume August 1 under an executive order signed by Trump. The countries facing these renewed duties include Japan and South Korea at 25 percent each, South Africa at 30 percent, Laos and Myanmar at 40 percent and others with rates ranging from 25 percent to 40 percent. Some rates, according to Reuters, like those for Kazakhstan and Bangladesh are lower than what was originally planned, while Malaysia and Japan saw slight increases. Trump posted the full letters on Truth Social. He raised concerns about trade imbalances and offered exemptions for companies that shift production to the United States. He warned that any retaliatory tariffs by those nations could trigger even steeper U.S. rates. He also emphasised flexibility, promising to adjust rates 'upward or downward' depending on each country's relationship with America. The United States also issued a separate warning to BRICS nations, threatening an additional 10 percent tariff on countries aligning with anti‑American positions during the group's summit in Brazil. Some partners have reacted. Japan's Trade Minister said Tokyo will negotiate, especially on automobiles, but will protect its agricultural interests, according to Reuters. South Korea, as reported by announced steps to address the trade shortfall with America. South Africa expressed strong objections, calling the 30 percent tariff unjustified and promising to pursue more diplomatic resolutions. Markets responded with mixed signals on Monday. U.S. equities dipped slightly – Dow down nearly 1 percent, S&P 500 off by 0.8 percent and Nasdaq down 0.9 percent. Asian markets remained relatively stable. The Indian rupee strengthened slightly after India was excluded from the tariff list, while other Asian currencies held steady, Reuters reported. Two interim trade deals have already materialised. In May, a U.S.-U.K. agreement fixed a 10 percent tariff on initial U.K. vehicle exports, rising later to 25 percent. Then in early July, the United States reached terms with Vietnam, setting a minimum 20 percent U.S. tariff and a 40 percent charge on rerouted goods, Al-Jazeera reported. The looming deadline carries high stakes. Trump called it 'firm' but allowed for negotiation if leaders reach out with new proposals, according to Politico. Experts warn the strategy reflects his aggressive blend of negotiation through pressure and brinkmanship. Some commentators refer to this approach as the 'TACO' trade – Trump Always Chickens Out – highlighting his pattern of issuing threats and then delaying. Key dates to watch: July 9 was the original deadline, now superseded. July 14 ends the EU's suspension of retaliatory tariffs. August 1 is the new trigger date for U.S. measures. Negotiators in Washington suggest possible deals with India and the European Union could still emerge before that. But partners remain cautious. Stock markets jitter at any sign of prolonged trade tension.
Arabian Post
08-07-2025
- Business
- Arabian Post
Trump Warns BRICS Tariff Aimed at Dollar Undermining
U. S. former President Donald Trump has warned that any nations aligning with the BRICS bloc's efforts to challenge the U. S. dollar will face a 10 % tariff, set to take effect by 1 August unless a deal is struck. Speaking at a Cabinet meeting and in a post on his Truth Social platform, Trump characterised BRICS' currency ambitions as tantamount to 'destroying the dollar,' likening such a loss to the outcome of a major war and pledging not to allow it. Trump's latest announcement signals a sharp escalation in trade posture. The threat is conditional: the tariffs would only be activated should countries adopt 'anti‑American policies' associated with de‑dollarisation efforts. Earlier, he floated even more drastic measures—100 % tariffs on BRICS nations if they merely 'think' about reducing dollar dependence. The BRICS coalition, now encompassing ten countries including Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Indonesia, and the UAE, recently issued a joint communique from their summit in Rio de Janeiro calling for reduced reliance on the dollar and reforms in global financial institutions. Brazilian President Luiz Inácio Lula da Silva rebuffed Trump's posture, clarifying BRICS seeks fairer economic structures rather than confrontation, remarking: 'The world has changed. We don't want an emperor'. ADVERTISEMENT China's foreign ministry dismissed the tariff threat, stating BRICS promotes 'win‑win cooperation' and does not target any country. South Africa's President Cyril Ramaphosa also urged dialogue with the U. S., warning against coercive economic tactics. Analysts note Trump's tariff strategy packs limited immediate punch: officials stress it will only be enforced if BRICS nations explicitly adopt anti‑American measures. Yet the punitive posture serves as a negotiating lever ahead of U. S. trade talks with BRICS members—India and Indonesia among them—prior to the looming 1 August deadline. Economic commentators warn such antagonistic tactics risk destabilising global markets. Investors initially showed muted reactions, though bond yields edged up on mounting uncertainty. The tension surfaces as BRICS explores alternatives to the U. S. dollar—on‑line payments platforms and bilateral currency swaps already in motion—which are viewed by some economists as early steps toward a multipolar monetary order. Global economists emphasise that while the dollar's share of foreign exchange reserves has fallen from over 70 % to near 58 %, it remains dominant, and de‑dollarisation is gradual rather than immediate. A newly issued BRICS currency is not imminent, though cross‑border central bank digital currency trials and blockchain platforms are in advanced development. The tariff gambit adds complexity to U. S. relations with BRICS members. Alongside India's ongoing trade negotiations, Indonesia is reportedly preparing a $34 billion pact and increased U. S. wheat imports in parallel with tariff discussions. Trump asserted preserving the dollar's reserve status is non‑negotiable, citing its global primacy as foundational to U. S. national security. 'If we lost the world standard dollar, that would be like losing a major world war,' he declared. BRICS countries have interpreted that stance as direct economic pressure. Lula said, 'Tariffs should not be used as a tool for coercion and pressuring'. China echoed similar sentiments, warning such tariffs 'do not benefit anyone'. The coming weeks will determine whether Trump seeks to translate these warnings into trade action, or uses them as leverage in broader economic negotiations. With the 1 August window approaching, both Washington and BRICS capitals are bracing for intensified engagement—and the underlying contest over monetary influence shows no signs of subsiding.
