DonaldTrump has targeted the Brics group of developing nations in the latest salvo of his ongoing trade war, as the deadline to agree deals before the president’s 90-day tariff pause looms.
Trump warned overnight that he will impose a new 10% tariff on any country that aligns itself with the Brics group, claiming they are “anti-American”.
Writing on his Truth Social site, Trump declared: "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. Thank you for your attention to this matter!"
Trump’s attack comes after the Brics group — which was originally made up of Brazil, Russia, India, China and South Africa but now includes other nations — met in Brazil at the weekend. Brazil’s president Luiz Inácio Lula da Silva, told the meeting in Rio de Janeiro that Brics was the heir to the “Non-Aligned Movement” – the bloc of countries who declined to ally with either side during the cold war.
Lula criticised the move (driven by Trump) towards increased spending on the military rather than on international development, pointing out: “It is always easier to invest in war than in peace.”
He told leaders they were witnessing “the unparalleled collapse of multilateralism”, before warning: “If international governance does not reflect the new multipolar reality of the 21st century, it is up to Brics to help bring it up to date.”
The Brics group also condemned US and Israeli attacks on Iran and urged “just and lasting” solutions to conflicts across the Middle East. All of which appears to have stirred Trump into another tariff threat.
There’s also confusion this morning about the status of the original ‘liberation day’ tariffs which Trump announced at the start of April, and then paused for 90 days after the markets slumped. The president told reporters on Sunday that his administration plans to start sending letters later today to US trade partners dictating new tariffs.
But there’s confusion about when these levies would kick in. Trump implied they would start on Wednesday, saying: “I think we’ll have most countries done by July 9, yeah. Either a letter or a deal.”
But commerce secretary HowardLutnick then weighed in to explain: “But they go into effect on August 1. Tariffs go into effect August 1, but the president is setting the rates and the deals right now.”
Trump has subsequently posted that “TARIFF Letters, and/or Deals” will be delivered from 12:00 PM (Eastern)“ today, (that’s 5pm BST)
The agenda • 7am BST: Halifax house price index for June • 2pm BST: Eurogroup ministers meeting in Brussels
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