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News18
18 minutes ago
- News18
'They'll Have To Pay': Trump Warns India, Other BRICS Members Of Extra 10% Tariff
Last Updated: Donald Trump said White House tariff letters represent trade deals as he warned BRICS of a 10% tariff. US President Donald Trump said that the tariff letters sent by the White House to various countries effectively represent trade deals. During a cabinet meeting, Donald Trump said, 'A letter means a deal because it is a better way- because we have 200 countries." The comment comes amid Donald Trump's sweeping trade overhaul, under which more than a dozen countries received formal notices of tariff hikes, with rates ranging from 25% to 40%. The White House said these moves are aimed at correcting long-standing trade imbalances and pressuring countries to engage on more favorable terms. Donald Trump's Warning To BRICS Nations Donald Trump issued a clear warning to BRICS nations- Brazil, Russia, India, China and South Africa- which has been expanding and exploring alternatives to US-dollar-dominated trade systems. Donald Trump said, 'BRICS was set up to undermine the dollar. If they are a member of BRICS, they have to pay a 10% tariff." Reaffirming his commitment to defending the dollar's dominance in global finance, Donald Trump said bluntly, 'The dollar is king. We are going to keep it that way. If people want to challenge it, they can. But they will have to pay a big price. I don't think any of them are going to pay that price." The 10% surcharge, he suggested, would apply broadly to nations formally joining or actively aligning themselves with BRICS, adding another layer to his administration's confrontational economic posture. He reiterated that the letters function as non-negotiable offers- signaling that compliance, not prolonged talks, is his preferred path to economic alignment. Donald Trump's Tariffs Under Donald Trump's new tariff regime, the United States imposed sharply increased rates on 14 countries, with the highest levies targeting Laos and Myanmar at 40 percent, followed by Thailand and Cambodia at 36 percent and Bangladesh and Serbia at 35 percent. Indonesia faces a 32 percent rate while South Africa and Bosnia and Herzegovina are hit with 30 percent tariffs. A 25 percent tariff has been applied to Malaysia, Tunisia, Japan, South Korea and Kazakhstan. These tariffs are set to take effect on August 1. Get breaking news, in-depth analysis, and expert perspectives on everything from geopolitics to diplomacy and global trends. Stay informed with the latest world news only on News18. Download the News18 App to stay updated! view comments First Published: July 08, 2025, 23:06 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
News18
31 minutes ago
- News18
Doanld Trump Threatens 10% Tariffs on BRICS Countries: Dollar Defense & Iran Message News18
In a joint statement after the Brasil summit, BRICS leaders, including Prime Minister Narendra Modi, warned of "the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO rules".Round 2 of Donald Trump vs the BRICS bloc began this week after the United States President announced an additional 10 per cent tariff on countries aligning with the group's "Anti-American policies". "There will be no exceptions..." Trump said Sunday night on Truth President did not say what these 'anti-American policies' are or specify which of the group's policies he referring to, although six months ago he did threaten the group with 100 per cent tariffs if they attempted to replace the US dollar as the dominant currency for international trade. News18 Mobile App -
Time of India
an hour ago
- Time of India
Brics rejects EU's unilateral carbon border tax proposal
Brics Summit NEW DELHI: The Brics nations have rejected the European Union's proposed carbon border tax, or the carbon border adjustment mechanism (CBAM), calling it "unilateral, punitive and discriminatory protectionist measures", and said the move, being made "under the pretext of environmental concerns", would undermine their capacities to invest in just energy transitions and development priorities. India has long been opposed to such measures and even flagged its concerns during the recent free trade agreement talks with the EU. The concerns of the group of 11 nations, including Brazil, Russia, India, China and South Africa, over such trade barriers got reflected prominently in the 'Leaders' Framework Declaration on Climate Finance' adopted in Rio de Janeiro, Brazil, on Monday. The CBAM, to be implemented from next year, is a tool to impose border tax on carbon-intensive goods, such as iron & steel, aluminium and cement, that enter the 27 EU nations. Since it will impose a tariff burden on developing countries and impact their trade prospects, large exporters of such goods, including India and China, have consistently been opposing it. Condemning CBAM, the Brics nations declared that such measures are "not in line with international law", and said they oppose "unilateral protectionist measures which deliberately disrupt the global supply and production chains and distort competition". by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 20 Pieces of Clothing you should Ditch over 40 Learn More Undo Besides flagging the EU's trade barrier, the Brics nations expressed "serious concern" over pre-2020 mitigation gaps for developed countries and urged them to urgently bridge the gaps between what they promised and what they have achieved in terms of greenhouse gas emissions reduction. The group asked the rich nations to increase their 2030 climate action targets and achieve net-zero emissions significantly ahead of 2050, preferably by 2030. Referring to the critical issue of finance that is going to dominate the climate talks (CO) in Belem, Brazil, later this year, the Brics nations called upon developed countries to meet their earlier goal of jointly mobilising $100 billion per year through 2025 to address the needs of developing countries, and achieve the finance goal of $300 billion per year by 2035. "We note that substantial gaps remain in fulfilling the financing needs identified by developing countries," the declaration said. The developed countries were also urged to increase their collective provision of climate finance for adaptation, doubling the amount from 2019 levels by 2025 at the least.
