Tariff war: Thai government optimistic it can negotiate lower rate
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
31 minutes ago
- CNA
Trump says BRICS nations to get 10% tariff 'pretty soon'
WASHINGTON/BRASILIA: US President Donald Trump said on Tuesday (Jul 8) the US would "pretty soon" charge a 10 per cent tariff on imports from BRICS countries, drawing another complaint from Brazil President Luiz Inacio Lula da Silva, who just hosted the bloc's annual summit. Trump, who raised the tariff threat on Sunday, said in a Tuesday cabinet meeting at the White House that the duty was on the way: "Anybody that's in BRICS is getting a 10 per cent charge pretty soon ... If they're a member of BRICS, they're going to have to pay a 10 per cent tariff ... and they won't be a member long." The BRICS group expanded last year beyond Brazil, Russia, India, China and South Africa to include members such as Iran and Indonesia. Leaders at the summit in Rio de Janeiro voiced indirect criticism of US military and trade policies. Asked about Trump's tariff threat, Lula told journalists at the BRICS summit on Monday that the world does not want an emperor. After a state visit from Indian Prime Minister Narendra Modi, Lula on Tuesday expressed further disagreement. "We will not accept any complaints about the BRICS summit. We do not agree with the US president insinuating he's going to put tariffs on BRICS countries," he told journalists in Brasilia. Trump gave no specific date for the BRICS tariff to kick in. On Monday, a source familiar with the matter said the Trump administration would charge the tariff only if countries adopted anti-American policies, differentiating actions from statements like the one adopted by the BRICS leaders on Sunday. Trump claimed without evidence on Tuesday that the group was set up to hurt the United States and he US dollar's role as the world's reserve currency. He said he would not allow that to happen. "BRICS was set up to degenerate our dollar and take our dollar ... take it off as the standard," he said. "And that's okay if they want to play that game, but I can play that game too." Trump said losing the dollar's role as the world's reserve currency would be like "losing a war, a major world war. We would not be the same country any longer."
CNA
6 hours ago
- CNA
Trump says 'no extensions' to Aug 1 tariff deadline
WASHINGTON: President Donald Trump said on Tuesday (Jul 8) that he would not extend an Aug 1 deadline for higher US tariffs to take effect on dozens of economies, a day after he appeared to signal flexibility on the date. While Trump imposed a sweeping 10 per cent tariff on goods from almost all trading partners in April, higher rates customised to dozens of economies were unveiled, then halted until Jul 9. But the president this week again delayed their reimposition, pushing it back to Aug 1. Trump insisted that there would be no further delay in the tariffs. "There will be no change," he posted on Truth Social. He added that levies would start being paid on Aug 1, in line with letters now being sent out to trading partners. "No extensions will be granted," Trump said. On Monday night, Trump had told reporters at a dinner that the Aug 1 deadline was "firm, but not 100 per cent firm." Pressed on whether the letters were his final offer, Trump replied: "I would say final - but if they call with a different offer, and I like it, then we'll do it." In a push for further trade deals, Trump sent letters to more than a dozen partners on Monday, including key US allies Japan and South Korea. Products from both countries would be hit with 25 per cent duties, Trump wrote in near-identical letters to leaders in Tokyo and Seoul. Indonesia, Bangladesh, Thailand, South Africa and Malaysia were among other countries facing duties ranging from 25 per cent to 40 per cent. In his messages to foreign leaders, Trump warned of further escalation if there was retaliation against his levies. Most countries receiving the letters so far saw US tariffs at similar or unchanged rates from those threatened in April, although some like Laos and Cambodia saw notably lower levels. The Trump administration is under pressure to show results after promising a flurry of deals following the US president's tariff threats. So far Washington has only struck two pacts, with Britain and Vietnam, besides an agreement to dial back staggeringly high tit-for-tat levies with China. In threatening tariff hikes on various economies, Trump cited in his letters a lack of reciprocity in trading ties. He also warned that goods transshipped to avoid higher duties would be subjected to steeper levels. But he added that if countries were willing to adjust their trade policies, Washington "will, perhaps, consider an adjustment to this letter".
CNA
7 hours ago
- CNA
Singapore companies bracing for more uncertainty amid Trump's tariff letters
Singapore companies are bracing for greater uncertainty after US President Donald Trump sent letters announcing new tariffs as high as 40 per cent for some countries. The Singapore Business Federation (SBF) says firms are once again taking a "wait and see" approach. SBF's CEO Kok Ping Soon and Associate Professor Simon Tay, Chairman of the Singapore Institute of International Affairs, talk about what it means for Singapore to not be issued the letters by President Trump. They also discuss what it means for Singapore businesses to be operating in a neighbourhood with so many different tariff rates.
