logo
BRICS Leaders Warn US Tariffs Could Harm Global Economy

BRICS Leaders Warn US Tariffs Could Harm Global Economy

Daily Tribune18 hours ago
Leaders from the BRICS group of nations — which includes Brazil, Russia, India, China, and South Africa — gathered in sunny Rio de Janeiro on Sunday with a serious message: US President Donald Trump's unpredictable trade tariffs could damage the global economy.
Together, the BRICS countries represent nearly half the world's population and around 40% of global economic output. While they differ on many issues, they stand united in their concerns over the US's growing use of tariffs.
In a draft statement prepared for the summit, the group expressed "deep concern" over the rise of one-sided tariff and trade restrictions. They described these measures as unfair and harmful, suggesting they break international trade laws.
Earlier in April, President Trump had announced new tariffs on both allies and rivals, but later paused some of them after stock markets reacted negatively. However, he and Treasury Secretary Scott Bessent warned that unless new trade deals are made by August 1, the tariffs could return.
The BRICS nations argue that such tactics could weaken global trade and slow down worldwide economic growth. Although the statement doesn't name the US or Trump directly, it clearly targets recent American trade actions.
Experts at the Peterson Institute for International Economics in Washington say these tariffs might reduce the US economy's growth and negatively affect other nations — from neighboring Mexico to oil-producing countries in the Gulf region.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Netanyahu says Trump meeting could 'advance' Gaza deal ahead of Doha talks
Netanyahu says Trump meeting could 'advance' Gaza deal ahead of Doha talks

Daily Tribune

time6 hours ago

  • Daily Tribune

Netanyahu says Trump meeting could 'advance' Gaza deal ahead of Doha talks

Israeli Prime Minister Benjamin Netanyahu said Sunday that he hoped an upcoming meeting with US President Donald Trump could "help advance" a Gaza ceasefire deal, after sending negotiators to Doha for indirect talks with Hamas. Under mounting pressure to end the war, now approaching its 22nd month, the Israeli premier is scheduled to sit down on Monday with Trump, who has recently made a renewed push to end the fighting. Speaking before boarding Israel's state jet bound for Washington, Netanyahu said: "We are working to achieve this deal that we have discussed, under the conditions that we have agreed to." He added he had dispatched the team to Doha "with clear instructions", and thought the meeting with Trump "can definitely help advance this (deal), which we are all hoping for". Netanyahu had previously said Hamas's response to a draft US-backed ceasefire proposal contained "unacceptable" demands. A Palestinian official familiar with the talks and close to Hamas said international mediators had informed the group that "a new round of indirect negotiations... will begin in Doha today". The talks would focus on conditions for a possible ceasefire, including hostage and prisoner releases, and Hamas would also seek the reopening of Gaza's Rafah crossing to evacuate the wounded, the official told AFP. Hamas's delegation, led by its top negotiator Khalil al-Hayya, was in Doha, the official told AFP. Israel's public broadcaster said the country's delegation had left for the Qatari capital in the early afternoon.

New US tariffs to kick in Aug 1 barring trade deals
New US tariffs to kick in Aug 1 barring trade deals

Daily Tribune

time6 hours ago

  • Daily Tribune

New US tariffs to kick in Aug 1 barring trade deals

US tariffs will kick in on August 1 if trading partners from Taiwan to the European Union do not strike deals with Washington, Treasury Secretary Scott Bessent said yesterday. The rates will "boomerang back" to the sometimes very high levels which President Donald Trump had announced on April 2 -- before he suspended the levies to allow for trade talks and set a July 9 deadline for agreement, Bessent told CNN. Bessent confirmed comments by Trump to reporters aboard Air Force One on Friday in which he also cited a new deadline: "Well, I'll probably start them on August 1. Well, that's pretty early. Right?" The president said he had signed 12 letters to be sent out, likely on Monday. The tariffs were part of a broader announcement in April where Trump imposed a 10 percent duty on goods from almost all trading partners, with a plan to step up these rates for a select group within days. But he swiftly paused the hikes until July 9, allowing for trade talks to take place. Countries have been pushing to strike deals that would help them avoid these elevated duties. So far, the Trump administration has unveiled deals with the United Kingdom and Vietnam, while Washington and Beijing agreed to temporarily lower staggeringly high levies on each other's products. As his July 9 deadline approaches, Trump has repeatedly said he plans to inform countries of US tariff rates by sending them letters. Aboard Air Force One on Friday, Trump said sending notices would be much easier than "sitting down and working 15 different things... this is what you have to pay, if you want to do business (with) the United States." Bessent pushed back at CNN host Dana Bash's assertion the administration was using threats rather than negotiations, and denied that Trump was setting a new deadline with the August 1 date. "It's not a new deadline. We are saying, this is when it's happening, if you want to speed things up have at it. If you want to go back to the old rate that's your choice," he said. He said the playbook was to apply "maximum pressure" and cited the European Union as an example, saying they are "making very good progress" after a "slow start."

Into a void': Young US college graduates face employment crisis
Into a void': Young US college graduates face employment crisis

Daily Tribune

time6 hours ago

  • Daily Tribune

Into a void': Young US college graduates face employment crisis

Over two years, Rebecca Atkins filed more than 250 job applications, and felt like every one was going into a gaping chasm -- one opened by the highest unemployment rate for recent college graduates in the United States in more than a decade. 'It was extremely dispiriting,' said the 25-year-old, who graduated in 2022 with a degree in law and justice from a university in the US capital Washington. 'I was convinced that I was a terrible person, and terrible at working.' At 5.8 percent, unemployment for young, recent graduates from US universities is higher than it has been since November 2013, excluding 15 months in the Covid pandemic, according to official data. Moreover, it has also remained stubbornly higher than overall unemployment -- an extremely unusual situation, analysts say. And while overall US unemployment has stabilized between around 3.5 and 4 percent post-pandemic, unemployment for recent college graduates is only trending higher. The labor market for new grads has weakened consistently since 2022, with new hiring down 16 percent in 2025, yearover-year, according to payroll firm Gusto. Analysts say the trend is likely a result of cyclical post-pandemic hiring slowdowns -- particularly in new-grad-heavy sectors like technology, finance, and business information -- and overall economic uncertainty in the tumultuous early days of the Trump administration. That is scant consolation to the droves of young people -- often saddled with huge amounts of student debt -- on the hunt for their first full-time job. 'All of the jobs that I wanted, I didn't have the requirements for -- often entry-level jobs would require you to have four or five years of experience,' said Atkins, who bounced between part-time roles and working in restaurants for years. 'Extremely high uncertainty' 'It is definitely an outlier,' said Matthew Martin, senior US economist at Oxford Economics. 'You'd expect that the white collar positions would not be as exposed to cyclical downturns (as other jobs).' Job openings for professional and business services have declined by more than 40 percent since 2021, according to research authored by Martin, with tech sector jobs disproportionately impacted. 'Part of that is a slower pace of hiring as they right-size after they hired at very high rates in 2022, but at the same time the sheer volume of decline also points to the impact of AI,' he told AFP, signaling the potential of artificial intelligence technology to eliminate some entry-level roles. Gregory Daco, chief economist at EY-Parthenon, said slowing tech sector hiring as companies focus on holding on to their talent 'disproportionately' affects recent graduates. The hiring slowdown is also a result of US President Donald Trump's far-reaching policy swings since taking office in January, said Daco. 'The experience of extremely high uncertainty when it comes to the administration's trade, tax or other policies has caused many firms to potentially slow down or freeze their hiring.' He cautioned, however, against jumping to the conclusion that AI had already begun to eliminate entry-level roles, pointing to a so-far limited uptake of the technology by most sectors. 'The reality is that a lot of firms are still in the early stages of adoption of these new technologies, and I think it would be a bit premature to assume that we've reached a level of use... that would have a visible macro impact.' 'Constantly working' The United States is perhaps the most expensive country in the world for a university education, with an average cost of $27,673 per year for an undergraduate degree, according to official data. In 2020, 36.3% of US undergraduates took on federal student loans to help meet those spiraling costs, the data shows, with the Education Data Initiative putting average student loan debt for graduating students at $29,550. Even without student loan debt, however, the weakening job market can leave some recent graduates feeling like they are stretched thin. Katie Bremer, 25, graduated from American University with a dual-degree in Environmental Science and Public Health in 2021. It took her more than a year to find a full-time job -- one not in her field -- and even then, she had to supplement her income by babysitting. 'I felt like I was constantly working,' she told AFP. 'It seems overwhelming, looking at the costs, to try and make your salary stretch all the way to cover all the milestones you're supposed to reach in young adulthood.' There is little hope on the immediate horizon, with analysts warning that it will likely take some time for the labor market to resolve itself, with part of that adjustment likely seeing students picking different majors. 'It's likely to get worse before it gets better,' said Martin. Looking at her peers, many of whom are saddled with huge debt and struggled to find work, Bremer says she worries for their collective long-term future. 'There have been times where I've thought 'how is my generation going to make this work?''

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store