U.S. President Donald Trump has stated that a further 10 percent tariff will be imposed on nations that, in his terms, "align themselves with the anti-American policies of BRICS."
This came after BRICS leaders were fiercely critical, with the countries, in the midst of continued tensions in trade with the United States, voicing "grave concern" over the "indiscriminate increase in tariffs."
Trump made the announcement on his social media site, Truth Social, in which he posted: "Any Country that aligns themselves with the Anti-American policy of BRICS, will be assessed an ADDITIONAL 10% Tariff. There will be no exception to this rule. Thank you for your attention to this situation!"
He also followed up with a subsequent post announcing that official communications for the new tariff instruction would start going out on Monday afternoon.
I am happy to report that the UNITED STATES TARIFF Letters, and/or Agreements, with all other Countries in the World, will be made available beginning 12:00 P.M. (Eastern), Monday, July 7th. Thank you for your consideration!
The timing of Trump's announcement coincides with the current BRICS summit in Rio de Janeiro, Brazil, where leaders of the expanded grouping convene to deepen cooperation and advance economic solidarity among developing countries.
In a collective statement released at the summit, BRICS members expressed serious concerns over unilateral tariff and trade measures, contending that such moves are against World Trade Organization (WTO) norms.
We express grave reservations regarding the surge of unilateral tariffs and non-tariff barriers which distort trade and contradict WTO rules," the statement said.
The leaders of the bloc also complained about attempts by developed countries to use environmental motives to defend trade curbs that they say disproportionately hurt developing nations, while at the same time opposing tariffs that hurt their interests.
"The widespread rise of trade-restrictive measures, whether in the guise of indiscriminate increases in tariffs and nontariff barriers, or protection under the cover of environmental goals, risks further lowering world trade, derailing world supply chains," the statement concluded, without naming any countries or groups such as the European Union.
The BRICS alliance has of late encompassed not just Brazil, Russia, India, China, and South Africa, but also Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia, Indonesia, and Iran.
Read also| US Tariffs Set to Kick In on August 1 Amid Escalating Trade Talks
