Trump will slap an extra 10 percent tariff on any country backing BRICS’ anti-American stance

Cryptopolitan
Updated
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Trump has announced that any nation siding with what he called “anti-American policies” of the BRICS group will face an extra 10 percent tariff on imports from the United States.

“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,” Trump wrote on his Truth Social account Sunday evening in the U.S.

His statement came as leaders of the BRICS countries attended a summit in Brazil. The group covers Russia, China, Brazil, South Africa, India, Egypt, Saudi Arabia, UAE, Ethiopia, Iran, and Indonesia. BRICS considers itself a forum for “political and diplomatic coordination” among Global South countries, working together across a wide range of issues.

With China’s President Xi absent, Premier Li represented China at the gathering, and Vladimir Putin participated via video link.

In a separate announcement, Trump said that letters would begin going out Monday covering details of the specific tariff levels each country will face and any trade agreements the administration has reached. According to Trump, these letters will set clear deadlines for negotiations and commitments.

He added that the US is on the verge of several trade deals. Other nations will be officially notified of their higher tariffs by 9th July, and the new, elevated rates are scheduled for August 1.

When asked for details, Commerce Secretary Lutnick said to reporters that the increased tariffs would be kicking in on 1st August, while Trump was “setting the rates and the deals right now.”

Earlier, in April, Trump outlined a base rate of 10 percent on most imports, with additional duties reaching as high as 50 percent on certain products. He then postponed the implementation of any rates above the 10 percent base until 9th July, giving countries an extra three weeks to strike agreements with Washington.

A number of trade deals are expected soon

US Treasury Secretary Bessent, speaking on CNN’s “State of the Union” Sunday, said that a series of significant trade announcements could be expected soon. He noted that talks with the EU have progressed well.

Bessent also explained that Trump plans to send letters to about 100 smaller trading partners to inform them that without an agreement, their tariffs will revert to the higher levels initially set for 2nd April and then delayed till 9th July. “If you don’t move things along, then on August 1, you will boomerang back to your April 2 tariff level,” he said, adding that these deadlines should spur rapid deals.

Since coming back to the Oval, Trump’s tariff measures have ignited an international trade dispute, unsettling financial markets along with prompting many governments to seek protective measures or new agreements, both with America and among themselves.

Kevin Hassett, head of the National Economic Council at the White House, told CBS’s “Face the Nation” that there could be some flexibility for countries making sincere progress in negotiations. “There are deadlines, and there are things that are close,” he said, suggesting that if talks continue successfully, Trump might allow extensions past the August 1 deadline.

Trump himself has repeatedly indicated that India is near an agreement and has expressed optimism about reaching a trade deal with EU, while staying doubtful about the prospects of a trade pact with Japan.

In Southeast Asia, Thailand has moved quickly to avoid a looming 36 percent tariff. Meanwhile, an Indian news channel, CNBC-TV18, reported Sunday that New Delhi and Washington are expected to decide on a modest trade agreement within the upcoming 24 – 48 hours.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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