BRICS is an economic cooperation organization of Brazil, Russia, India, China, South Africa, Indonesia, Iran, the United Arab Emirates, Egypt and Ethiopia and is seen as a counterpart to the G7. On Sunday, Brics leaders condemned the recent Israeli-American attacks on Iran. They also warned that world trade is threatened by the increase in import duties.
Trump threatens with high input rates: letters en route to trading partners
With his threat to the BRICS, Trump seems to respond to this somewhat disguised criticism of his policy. But the president did not give a clarification or extra information about the reference to “Anti-American policy measures” in his social media report.
Deadline
Trump came in April with all kinds of taxes for different countries. He limited it later and stated a deadline of July 9 to reach agreements on trading rates. If this is not possible, then high American import duties are in danger of going.
World trade in chaos due to trumpt rates: ‘This ensures higher prices’
Handelsminister Howard Lutnick announced that the rates that Trump will announce will start from 1 August. “Trump is now determining the amount of the taxes,” Lutnick told reporters.
But Washington is also about to close several trade agreements, explained Minister of Finance Scott Bessent on Sunday in a conversation with news channel CNN. “We expect some major announcements in the coming days.”