Brics undermining US interests, Trump will respond: White House
She said that Trump is "closely monitoring" the 17th Brics Summit, which for the first time included Egypt, Ethiopia, Iran, the United Arab Emirates, and Indonesia, signalling a growing influence of the bloc on global economic and political affairs.'He does not perceive these countries as growing stronger,' Leavitt clarified. 'He just perceives them as trying to undermine the United States' interests. And that's not okay with him — no matter how strong or weak a country may be.'The president issued a warning to nations aligning with what he called 'anti-American policies' promoted by Brics, making clear that his administration will not tolerate efforts to sideline Washington on the global stage.'He's going to ensure that America is fairly treated on the world stage, and he'll take any action necessary to prevent countries from taking advantage of the United States and our people,' Leavitt added.In a post shared on Truth Social, Trump stated that any country aligning itself with the "Anti-American policies of Brics" will face an additional 10 per cent tariff on goods. "Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter," Trump posted on Truth Social.The response came after the joint statement of the Finance Ministers and Central Bank Governors (FMCBG) Meeting of Brics nations voiced opposition to the unilateral imposition of trade and finance-related actions, including the raising of tariffs and non-tariff measures. The statement stated, "We voiced our serious concerns about the unilateral imposition of trade and finance-related actions, including the raising of tariffs and non-tariff measures which distort trade and are inconsistent with World Trade Organisation (WTO) rules.- EndsWith inputs from ANITune InMust Watch
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
15 minutes ago
- Time of India
‘Mr. Trump, BRICS Doesn't Compete...': South Africa's Ramaphosa Gives U.S. President 'Reality Check'
South African President Cyril Ramaphosa hit back at his U.S. counterpart Donald Trump's criticism of BRICS. He said, "There needs to be greater appreciation of the emergence of various centres of power in the world. This should be seen in a positive light rather than in a negative light [...] BRICS does not seek to compete with any other power." He also reiterated his call for African representation on the United Nations Security Council during BRICS summit in Brazil on Monday, while defending the bloc's importance in 'global governance'. Watch.
Time of India
16 minutes ago
- Time of India
How one tiny Myanmar town controls the globe's rare earth supply and is holding the world hostage
Bhamo, a town in the northern hills of Myanmar, home to just 166,000 people, may appear to be a small town, but it is where almost half of the world's heavy rare earths are found, like the minerals essential for electric cars and wind turbines, as per a report. The Civil War That Could Disrupt EVs Worldwide Since December, Kachin Independence Army (KIA), an ethnic militia, has been fiercely fighting Myanmar's junta for control of Bhamo, which is a civil war that started after the military's 2021 coup, as reported by Reuters. The town is within 100 kilometres of the Chinese border and is a strategically vital garrison town, according to the report. The takeover of Bhamo would grant the KIA control of the primary rare-earth mining area, something that has shaken China and caused supply chain disturbances globally, as per the Reuters report. China's Critical Role in Rare Earth Processing The heavy rare earths are usually shipped to China for processing into magnets that power electronic vehicles and wind turbines, as China has a near-monopoly over the processing of the minerals, as reported by Reuters. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo ALSO READ: SoFi stock surges 7% on Trump tax plan hype — earnings buzz builds ahead of July 29 Beijing's Ultimatum China has now reportedly threatened to stop buying the minerals mined in KIA-controlled territory unless the militia stops trying to seize full control of Bhamo, Reuters reported, citing people familiar with the matter. Live Events A KIA official told Reuters that, in May, China had made its demand, and a KIA commander pointed out that Beijing was represented by foreign ministry officials at the talks, according to the report. The ongoing fight in the region has limited mining operations, and rare-earth exports from Myanmar and now China is "using its dominance to shore up Myanmar's beleaguered junta, which China sees as a guarantor of its economic interests in its backyard," wrote Reuters in its report. While China's foreign ministry told Reuters that it was not aware of the specifics of deliberations with the KIA, but said that, "An early ceasefire and peace talks between the Myanmar military and the Kachin Independence Army are in the common interests of China and Myanmar as well as their people," as quoted in the report. ALSO READ: Wolfspeed stock soars over 100% after shock CFO appointment — who is Gregor van Issum? The KIA official revealed that Beijing had offered a greater cross-border trade with KIA-controlled territories if the militia stopped efforts to seize Bhamo, as reported by Reuters. The official said, "And if we did not accept, they would block exports from Kachin State, including rare-earth minerals," as quoted in the report. An independent Myanmar-focused analyst, David Mathieson, pointed out that Beijing is not seeking to resolve the wider civil war, but it wants fighting to stop as it wants to advance its economic interests, and said that, "China's pressure is a more general approach to calming down the conflict," as quoted in the Reuters report. Conflict Disrupts Mining and Exports The ongoing conflict in Bhamo started just after the KIA wrested control of the main rare-earth belt in Kachin last October, and since its takeover, the KIA has increased taxes on miners and throttled production of dysprosium and terbium, sending prices of the latter skyrocketing, as reported by Reuters. FAQs Who is fighting over Bhamo? The Kachin Independence Army is fighting Myanmar's military junta for control of the region, as per the Reuters report. What happens if China follows through on its threat? Global supply chains could be shaken, prices for rare earths could spike, and manufacturers might struggle to get the materials they need, as per the Reuters report.
Time of India
18 minutes ago
- Time of India
Trump says ‘no extensions' to August 1 tariff deadline; warns more letters to follow
US President Donald Trump on Tuesday doubled down on his sweeping tariff campaign, announcing that no further extensions will be granted, and that all countries must begin paying duties from August 1, 2025. The statement, made on Truth Social , came just a day after Trump had postponed the enforcement of his 'Liberation Day' tariffs by three weeks and signalled a possible willingness to remain flexible. 'As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 — No extensions will be granted. Thank you for your attention to this matter!' Trump posted on Wednesday. Mixed signals before the hardline Trump had reignited his global trade war on Monday, threatening more than a dozen countries with steep new tariffs—including 25 percent duties on Japan and South Korea—but also left room for talks. In letters sent ahead of the original July 9 deadline, Trump said countries had until August 1 to strike new trade deals or face automatic tariff hikes. When asked at a dinner with visiting Israeli Prime Minister Benjamin Netanyahu whether the August deadline was final, Trump had responded:'I would say firm, but not 100 percent firm.' Pressed further, he added, 'I would say final, but if they call with a different offer, and I like it, then we'll do it.' But the tone changed sharply with Tuesday's Truth Social post. Tariff letters and country-wise impact Trump's 'take it or leave it' letters to Japan, South Korea, and others warned that the tariff holiday granted in April was over. His administration had initially unveiled a 10 percent baseline tariff on all imports on April 2, then suspended any rates above 10 percent for 90 days following market volatility. According to letters posted online, Indonesia will now face a 32 percent tariff, Bangladesh 35 percent, Thailand 36 percent, and several African and Southeast Asian nations will see duties ranging from 25 to 40 percent. Countries like Laos and Cambodia saw lower tariffs than originally proposed, but the bulk of measures remained severe. Trump justified the higher rates in his letters by arguing that many of the U.S.'s trade relationships are 'unfortunately, far from Reciprocal.' 'All money will be due and payable starting August 1,' he said. He also warned against retaliation, stating there could be 'further escalation' if countries responded with their own duties. Global pushback and diplomatic outreach International reactions have been swift. Japan's Prime Minister Shigeru Ishiba said at a cabinet meeting that the 25 percent tariffs were 'genuinely regrettable,' according to local media. Meanwhile, South Korea's National Security Adviser Wi Sung-lac met with U.S. counterpart Marco Rubio in Washington, expressing hope for a bilateral summit to resolve 'key pending issues.' Further, Thailand's acting Prime Minister Phumtham Wechayachai said, 'The most important thing is that we maintain good relations with the US… I want a better deal than the 36 percent tariff.' Malaysia, also facing a 25 percent duty, said it remained committed to 'balanced, mutually beneficial, and comprehensive trade' with the U.S. At the White House, Press Secretary Karoline Leavitt said, 'It's the president's prerogative, and those are the countries he chose,' when asked why Japan and South Korea were first on Trump's list. Markets dip and BRICS warning The renewed trade threats triggered jitters in the financial markets. The Nasdaq fell 0.9%, while the S&P 500 lost 0.8% on Monday. The Trump administration, under pressure to deliver on its '90 deals in 90 days' promise, has so far concluded only two firm agreements, with Britain and Vietnam, along with a partial de-escalation in tariffs with China. Trump has also threatened an additional 10 percent tariff on countries aligning with the BRICS bloc, accusing them of 'Anti-American policies' after they criticised his tariff regime at a recent summit. Even so, diplomatic outreach continues. The European Commission said EU chief Ursula von der Leyen had a 'good exchange' with Trump on trade during a call on Sunday, signalling that backchannel negotiations remain active despite the president's public hardline stance.
