
Trump says nations aligning with BRICS' 'anti-American policies' will face additional 10% tariff
"There will be no exceptions to this policy," he wrote on his Truth Social platform.
ALSO READ: BRICS nations voice 'serious concerns' over Trump tariffs
In another post, he announced that US tariff letters and/or agreements with various countries across the world "will be delivered starting noon (Eastern) (1600GMT), Monday (July 7)."
In late January, Trump said "there is no chance that BRICS (countries) will replace the US dollar in international trade, or anywhere else."
"We are going to require a commitment from these seemingly hostile countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar or, they will face 100% tariffs," he added.
BRICS members have discussed shifting from the dollar in recent years, with discussions intensifying after the US imposed sanctions on Russia in 2022 following the start of its "special military operation' in Ukraine.
Trump's statements Sunday came as leaders and representatives from BRICS are gathering in Rio de Janeiro for the group's 17th annual summit. - Bernama-Anadolu
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The Sun
an hour ago
- The Sun
US consumers ultimately the ones to bear increase in palm oil prices: Johari
KUALA LUMPUR: Malaysia will not be significantly impacted by the newly imposed US tariff as the country primarily export products to the US that cannot be easily sourced or substituted domestically. Plantation and Commodities Minister Datuk Seri Johari Abdul Ghani said the tariff hike announced on Monday – raising duties on Malaysian goods from 10% to a combined 25% – targets a range of exports, but Malaysia's unique position in the global supply chain offers some protection from the effects. 'We are not the only country affected by these measures. What I want to emphasise is that, out of our total exports valued at RM186 billion, only about RM20 billion are exported to the US. 'Within this RM20 billion, our main exports to the US include rubber products, such as rubber gloves, furniture and wood products, oleochemicals, including palm oil and cocoa. 'When it comes to palm oil specifically, there is essentially no alternative available in the US market. Soybean oil cannot be converted into the same oleochemicals that our palm oil products provide. 'If the US imposes a 25% tariff on our products, it will ultimately be American consumers who bear the additional cost,' he told reporters at Malaysia Palm Oil Council's trade networking visit with international buyers today. Using rubber gloves as an example, Johari stated that Malaysia is not the only producer; China and Vietnam also manufacture them, and their exports face similarly high US tariffs, in some cases even higher than those imposed on Malaysia. 'This creates a highly competitive environment. The same applies to furniture; many countries produce furniture, including Malaysia. 'Ultimately, buyers make their decisions based on design and quality. If our designs are unique and appealing, there will still be demand, even if tariffs raise the final price. 'If the US imposes tariffs of 10% plus 25% or 5% plus 25%, that simply becomes part of the cost for buyers,' Johari said. Touching on exports, Johari said that last year, 40% of Malaysia's palm oil exports were directed to North Africa, Sub-Saharan Africa and Asean markets, beyond Malaysia's traditional trading partners. Exports to North Africa increased by 63.5% in 2024, while Sub-Saharan Africa saw a 26% year-on-year rise during the first five months of 2025. He said that this growing reliance on Malaysian palm oil to meet edible oil requirements highlights the importance of strengthening long-term partnerships and ensuring efficient and stable supply chains. 'Each region represented here today has distinct drivers of palm oil demand. In North Africa, Egypt serves as a strategic re-export hub, supplying markets across the region. In Sub-Saharan Africa, demand is rising for industrial applications, particularly in food processing, whereas in Asean, rapid growth in refining and food manufacturing continues to drive the need for a high-quality, reliable palm oil supply.' Johari said that by supporting the development of the downstream sector, Malaysia aims to embed its palm oil more firmly into local and regional value chains, adding economic value beyond the supply of raw materials. 'This approach not only strengthens supply chain integration, but also encourages joint ventures, technology transfer and local processing partnerships, fostering a long-term, resilient and shared industrial growth.' At the networking session, Johari said that for many decades, Malaysia has been a top producer of palm oil in the world. The palm oil plantation area in this country covers roughly 5.7 million hectares across Peninsular Malaysia, Sabah and Sarawak. The commodity is an export-oriented sector for the Malaysian economy, with 15.4 million tonnes out of the 19.3 million tonnes, or 80% of the palm oil produced was exported in 2024.

Barnama
an hour ago
- Barnama
Global Economy To Slowdown In 2H Due To US Tariff Impact -- CGS International
BUSINESS KUALA LUMPUR, July 7 (Bernama) -- The global economy is expected to face a slowdown in the second half (2H) of 2025 as tariffs imposed on the United States' (US) trading partners have impacted all economic actors, according to CGS International Securities Malaysia Sdn Bhd (CGS MY). In a research note, CGS MY stated that while China was hit the hardest, other US allies, including Canada, Mexico and the European Union (EU), also suffered negative impacts. 'Positively, the US producers who baulked at the possibility of another trade war have frontloaded their purchases and piled up inventory in anticipation of rainy days, benefiting global trade, especially export-oriented ASEAN economies, which saw shipments and trade surpluses growing rapidly. 'That said, we think the front-loaded support is at its tail end as tariffs start to kick in and the US producers may have started looking inwards, dampening global demand,' it said. Meanwhile, CGS MY said that the ASEAN-4 nations - Indonesia, Malaysia, Singapore and Thailand - would likely lose some key growth momentum without the support from the US frontloading. The investment company has cut Indonesia's 2025 gross domestic product (GDP) forecast to 4.8 per cent from 5.0 per cent, while maintaining Singapore's GDP growth at 1.6 per cent. 'We forecast Thailand's GDP growth of 2.0 per cent in 2025, amidst dull sentiment on consumption, ongoing political turmoil, weak international arrivals, as well as risks from Trump's reciprocal tariffs,' it added. Furthermore, driven by the loss of the US market, CGS MY said that China may flood its products elsewhere, pricing out ASEAN producers. 'In our view, key to watch is the US bilateral talks with ASEAN countries on the reciprocal tariffs.


The Star
an hour ago
- The Star
Rubio impersonator used AI in calls to foreign ministers, cable shows
FILE PHOTO: U.S. Secretary of State Marco Rubio reacts as he testifies at a Senate Foreign Relations Committee hearing on U.S. President Donald Trump's State Department budget request for the Department of State, on Capitol Hill in Washington, D.C., U.S., May 20, 2025. REUTERS/Jonathan Ernst/File Photo WASHINGTON (Reuters) -An imposter used an artificially generated voice to impersonate Secretary of State Marco Rubio in contacts with three foreign ministers and two U.S. politicians, according to a cable seen by Reuters on Tuesday. In mid-June, the person contacted the ministers, a U.S. governor and a member of Congress via the Signal messaging app, it said. Voicemails were left in two instances and a text message in a third instance invited the targeted person to communicate on Signal, the cable said. "The actor likely aimed to manipulate targeted individuals using AI-generated text and voice messages, with the goal of gaining access to information or accounts," the cable said. The Washington Post first reported the campaign. The State Department did not immediately respond to a request for comment. The State Department cable, dated July 3, was sent to all diplomatic and consular posts and suggests that staff warn external partners about fake accounts and impersonations. "There is no direct cyber threat to the department from this campaign, but information shared with a third party could be exposed if targeted individuals are compromised," it said. The cable referred to a second effort in April that was attributed to a Russia-linked hacker who conducted a spear phishing campaign targeting think tanks, Eastern European activists and dissidents and former State Department officials. The perpetrator copied a fake "@ email address on the messages as well as logos and branding used by State's Bureau of Diplomatic Technology, it said. "The actor demonstrated extensive knowledge of the department's naming conventions and internal documentation," it said. In that campaign, the person posed as a State Department official in messages sent to private gmail accounts. The State Department said industry partners attributed that campaign to a cyber actor associated with the Russian Foreign Intelligence Service. (Reporting by Humeyra Pamuk; Writing by Doina Chiacu; Editing by Chizu Nomiyama )