US President Donald Trump has threatened that nations that align themselves with the policies of the BRICS bloc running counter to US interests will be slapped with an additional 10% tariff. Any country that aligns itself with the anti-American policies of BRICS will be charged an ADDITIONAL 10% tariff. There will be no exceptions to this policy,” Trump tweeted. Trump has been a long-time critic of BRICS, an organisation which has members China, Russia and India.
The US had imposed a deadline of 9 July for nations to reach a trade agreement, but US officials now confirm that tariffs will start on 1 August. Trump announced that he would write letters to nations informing them of what the tariff rate will be in the event that no agreement is reached.
On Monday, Treasury Secretary Scott Bessent stated that he anticipated “a busy couple of days. We’ve had a lot of individuals change their tune regarding negotiations. So my mailbox was full last evening with a great deal of new proposals, a great deal of new offers,” he said in an interview with CNBC.
So far, the US has only made trade deals with the UK and Vietnam, in addition to a partial agreement with China. Despite that, Britain and America have yet to agree on the taxation of UK steel imported by America.
Since assuming office this year, Trump has imposed a series of tariffs on imports from other nations, claiming they will increase American manufacturing and save jobs.
In April, on “Liberation Day” as he labelled it, he revealed a spate of fresh levies on imports from nations across the globe – ranging from 50% in some cases – although he soon put his most confrontational plans on hold to permit three months of negotiations to 9 July.
Over this time, the US levied a 10% tariff on products imported into the US from most of its global trading partners. The European Union (EU) is said to be negotiating to maintain a temporary 10% tax on the majority of items shipped to the US past the deadline.
It is also negotiating cutting a 25% tariff on EU automobiles and auto parts, as well as a 50% tax on steel and aluminium sales to the US.
On Monday, a spokesperson announced that the president of the European Commission, Ursula von der Leyen, had a “good exchange” with Trump. Earlier, the US president had threatened the EU with a 50% tax if it did not agree. Last week, Trump stated that Japan might have to undergo a “30% or 35%” tariff if the nation did not agree with the US by Wednesday.
