More economic turmoil looms as Donald Trump threatens additional tariff for BRICS supporters
Image: Pablo Porciuncula / AFP
US President Donald Trump has threatened an additional 10% tariff on any country aligning with the BRICS nations' policies, which could have severe implications for South Africa.
"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," Trump wrote on his Truth Social platform on Sunday night.
This levy would be implemented over and above the base 10% tariff that is already being planned for all of the country's global trade partners.
The new tariff threat was in direct response to criticisms of Trump's unilateral tariff measures, made by BRICS members during a summit held in Rio de Janeiro on Sunday. A joint BRICS statement released after the summit said the upcoming tariffs risked hurting the global economy.
Donald Trump has once again taken aim at BRICS nations.
Image: Michael Kappeler / AFP
At the event, BRICS leaders also collectively condemned the recent Israeli and US air strikes on Iran, expressing 'serious concern over deliberate attacks on civilian infrastructure and peaceful nuclear facilities,' and labelling the strikes a 'violation of international law'.
Trump's tariff deadline looms
Trump's new threats come at the beginning of a crucial week for the global economy as the US President's July 9 tariff deadline looms. While the White House is expected to start sending out letters to its trade partners this week, outlining the new tariffs, Commerce Secretary Howard Lutnick confirmed during a press conference over the weekend that the new tariffs will now take effect from August 1.
The sweeping global tariffs were originally planned for April 1, but Trump announced a three-month delay after global markets reacted negatively to the looming trade war.
South Africa has requested an extension of the 90-day tariff pause, after the US announced its intention to introduce a new trade template for countries in sub-Saharan Africa.
The US President said he would impose unilateral levies on trade partners unless a deal could be struck by August 1, AFP reported.
South Africa stands to lose billions in export revenue should the country face higher tariffs from the US, as well as the potential loss of the African Growth and Opportunity Act (AGOA), which provides duty-free access to that market. SA exports under AGOA amounted to $3.6 billion (R64bn) in 2022.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
IOL News
40 minutes ago
- IOL News
How Trump's business ventures conflict with his presidential duties
US President Donald Trump. Image: Kamil Krzaczynski / AFP President Donald Trump just launched a fragrance called Trump Victory 45 - 47, part of the "Fight Fight Fight Collection". The lid of the $249 (R4 427) bottle is a (obviously) gold statuette of Trump, tummy flat, shoulders back, looking like the Oscar for Best President in the World Ever. You get $100 off if you buy two. The President's fragrances, for there is one for boys, one for girls, is "For Patriots Who Never Back Down, Like President Trump. This Scent Is Your Rallying Cry In A Bottle. Featuring Trump's Iconic Image And Raised Fist, This Limited-Edition Cologne Embodies Strength, Power, And Victory." And yes, the first letter of every word is capitalised. Since Trump took office, the Trump Store launched 168 new products, including clothing, hats, BBQ snacks, pickleball racquets, coffee cups, earrings, a beer bucket, pet food bowls, ice cream scoops and a hip flask. You can also buy sneakers ("Trump Won") on the side), luxury watches, with the Trump Victory Tourbillion selling for $100 000. There are coins ($3 645 for the "Victory Gold Medallion"), Trump Bibles (KJV version of the bible, the Constitution, the Bill of Rights, the Declaration of Independence, the Pledge of Allegiance and most importantly, the handwritten chorus of Lee Greenwood's song 'God Bless the USA'). And let us not forget the $TRUMP meme coin, which netted the Family Trump hundreds of millions. The top 25 "investors" spent over $111 million to secure exclusive perks such as a VIP dinner with Trump. When someone takes the highest office, we expect them to at least pretend like they are working for the best interests of the whole country and not just those who pay them. The incredible harm done to South Africa by Jacob Zuma was not in the R246m house the public gifted him, but in the message it sent. Zuma was open for business, just not the country's business. It is lukewarm comfort that anyone who lives in a house built by Public Works is no doubt dealing with a leaky roof dodgy plumbing, and mould on the walls. In this world, government policies are bought and sold by the wealthiest and paid for by the poorest. This has to some degree, always been so, but when this was considered shameful at least government ministers were more cautious. This has now been normalised to such a degree that the world's wealthiest man gave $250 million (0.08% of Musk's wealth) to get Trump elected. For a hot minute it looked like this might have been Musk's best investment, only for the two to fight like scorned lovers. Trump 1; Musk 0. The author Yuen Yuen Ang writes 'China is not a pure meritocracy, nor is it a pure kleptocracy. It is a corrupt meritocracy.' Ang notes that 'corruption is so endemic that it has generated its own vocabulary. For instance, a 'naked official' refers to an official whose family and assets are moved abroad, while he remains in China to retain power. 'Elegant bribery' refers to the use of art, calligraphy, or antiques as bribes instead of cash.' Yet even with all this so clearly understood, it is still shameful to be considered corrupt in China. A 'wall of shame' displaying portraits of corrupt officials symbolises public accountability efforts and the stigma attached to corruption, showing that exposure can bring public disgrace and official punishment. Of course the top dog is safe and allegations of corruption are used to bludgeon opposition, but the greater Chinese society is not celebrating corruption. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ When there is no consequence for corruption, not even shame, it is very difficult for a society to hold together. If the main man can sell access to his power then why can't you pay the metro policewoman some "money for a cool drink"? Why should you not drive drunk if you have some "lunch money" on you? We should all be horrified when Trump said "over expansive and unpredictable FCPA [Foreign Corrupt Practices Act] enforcement against American citizens and businesses — by our own Government — for routine business practices in other nations not only wastes limited prosecutorial resources that could be dedicated to preserving American freedoms, but actively harms American economic competitiveness and, therefore, national security. I was proud when Ramaphosa took a 14kg golf book as a gift for Trump, rather than gifting him an aircraft, although it's silly to think that Trump is a great reader. The well-worn trope that "sunlight is the best disinfectant" now seems quaint when corruption is now openly celebrated. This not ok. Donald MacKay is founder and chief executive of XA Global Trade Advisors. Image: Supplied
Daily Maverick
an hour ago
- Daily Maverick
Netanyahu says any future Palestinian state would be a platform to destroy Israel
Trump defers to Netanyahu on question of two-state solution Netanyahu cites Hamas attack as evidence against statehood He insists security must remain under Israeli control Palestinians accuse Israel of undermining statehood prospects Speaking at the White House, where he met U.S. President Donald Trump, Netanyahu described the October 7, 2023, Hamas attack on Israel from the Gaza Strip, where Hamas was in control, as evidence of what Palestinians would do with a state. Trump said, 'I don't know' when he was asked by reporters if a two-state solution was possible and referred the question to Netanyahu. Netanyahu said: 'I think the Palestinians should have all the powers to govern themselves, but none of the powers to threaten us. That means a sovereign power, like overall security, will always remain in our hands.' Later he added: 'After October 7th, people said the Palestinians have a state, a Hamas state in Gaza and look what they did with it. They didn't build it up. They built down into bunkers, into terror tunnels after which they massacred our people, raped our women, beheaded our men, invaded our cities and our towns, our kibbutzim and did horrendous massacres, the kind of which we didn't see since World War Two and the Nazis, the Holocaust. So people aren't likely to say, 'Let's just give them another state.' It'll be a platform to destroy Israel. 'We will work out a peace with our Palestinian neighbours, those who don't want to destroy us and we will work out a peace in which our security, the sovereign power of security, always remains in our hands,' Netanyahu said. 'Now people will say, 'It's not a complete state, it's not a state, it's not that.' We don't care. We vowed never again. Never again is now. It's not going to happen again.' Palestinians have long sought to create an independent state in the occupied West Bank, Gaza and East Jerusalem through a U.S.-mediated peace process. Many accuse Israel of having destroyed Palestinian statehood prospects through increased settlement building in the West Bank and by levelling much of Gaza during the current war. Israel rejects this. Cabinet ministers in Netanyahu's Likud party called last week for Israel to annex the Israeli-occupied West Bank before the Knesset recesses at the end of July. Israel's pro-settler politicians have been emboldened by the return to the White House of Trump, who has proposed Palestinians leave Gaza, a suggestion widely condemned across the Middle East and beyond. The Gaza war erupted when Hamas attacked southern Israel in October 2023, killing around 1,200 people and taking 251 hostages, according to Israeli tallies. Some 50 hostages remain in Gaza, with 20 believed to be alive. Israel's subsequent assault on the Palestinian enclave has killed over 57,000 Palestinians, according to the Gaza health ministry. Most of Gaza's population has been displaced by the war. indirect negotiations with Hamas in Qatar aimed at securing a U.S.-brokered Gaza ceasefire and hostage-release deal.
Eyewitness News
an hour ago
- Eyewitness News
Donald Trump threatens extra 10% tariff in response to ‘Anti-American' policies from BRICS Bloc
In April, Trump unveiled a series of tariffs targeting trade partners worldwide, as part of his administration's "America First" approach. In a statement, the BRICS group said, "We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO rules," prompting Trump to hit back via a post on his Truth Social account, threatening further tariffs and BRICS nations or countries aligned to the bloc. Speaking to Stephen Grootes on The Money Show, Yash Ramkolowan, Managing Director and economist at DNA Economics
