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Trump says BRICS nations may face 'additional' US tariffs
Trump says BRICS nations may face 'additional' US tariffs

Al Jazeera

time07-07-2025

  • Business
  • Al Jazeera

Trump says BRICS nations may face 'additional' US tariffs

Trump says BRICS nations may face 'additional' US tariffs Quotable Deborah Elms, head of trade policy at the Hinrich Foundation, explains why Trump has called BRICS nations 'anti-American' and said he'll impose higher tariffs on members. Video Duration 00 minutes 59 seconds 00:59 Video Duration 01 minutes 06 seconds 01:06 Video Duration 01 minutes 29 seconds 01:29 Video Duration 01 minutes 00 seconds 01:00 Video Duration 01 minutes 37 seconds 01:37 Video Duration 01 minutes 11 seconds 01:11 Video Duration 01 minutes 06 seconds 01:06

Trump's Big Beautiful Bill poses risks for Indian exporters
Trump's Big Beautiful Bill poses risks for Indian exporters

Yahoo

time06-07-2025

  • Business
  • Yahoo

Trump's Big Beautiful Bill poses risks for Indian exporters

-- Indian exporters of auto parts and solar panels could face renewed pressure from Donald Trump's 'Big Beautiful Bill,' even as the legislation may boost Indian IT services. 'The phase of policy volatility continues, and yet again, we have the US initiating something with global ramifications,' analysts at Bernstein say on the bill and the upcoming expiry of a pause on reciprocal tariffs. The legislation includes tax cuts expected to widen the US fiscal deficit by more than $3 trillion over a decade. The U.S. House on Wednesday narrowly approved a wide-ranging tax and spending bill. Proposals to keep import duties elevated which are still under discussion, would amount to a further $1.5tn –$2 trillion in de facto tariffs, leaving limited room to scale back existing trade barriers. While the bill could spur US consumption, capital expenditure, and digital modernisation, areas where Indian tech firms stand to gain, it also introduces headwinds for manufacturing exports. The removal of incentives for electric vehicles and the bill's emphasis on petrol-powered cars could weigh heavily on Indian auto component makers. Solar equipment exports, which have recently strengthened, may also be at risk. Another problem is Section 899, which could classify India as a 'Discriminatory Foreign Country,' potentially triggering higher US taxes on Indian IT and pharmaceutical companies operating there. A proposed cut in the remittance tax to 1 per cent would have a limited impact, reducing annual outflows from the US to India by just $110mn, compared with the $38bn total. 'The downside is significant, and the oceans murky,' Bernstein said, adding that the eventual impact will depend on the final shape of tariff provisions and any potential bilateral trade deal. Related articles Trump's Big Beautiful Bill poses risks for Indian exporters Street Calls of the Week Jefferies survey of U.S. Amazon shoppers reveals key behavioral trends Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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