logo
BRICS criticism brings Trump 10% tariff threat

BRICS criticism brings Trump 10% tariff threat

Daily Tribune9 hours ago
US President Donald Trump threatened China, India, and some of the world's fastest-emerging economies with higher import tariffs, hitting back at BRICS criticism of his trade policies as the bloc meets Monday.
The 11-nation grouping -- which also includes US allies Brazil, Saudi Arabia, and Indonesia -- is concluding a two-day summit in Rio de Janeiro.
On Sunday, BRICS leaders described Trump's stop-start tariff wars as 'indiscriminate,' damaging, and illegal, drawing a late-night rebuke from the pugilistic US president.
'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 social media.
BRICS members account for about half the world's population and 40 percent of global economic output.
Conceived two decades ago as a forum for fast-growing economies, BRICS has come to be seen as a Chinese-driven effort to curb US global influence.
But it is a quickly expanding and often divergent grouping -- bringing together arch US foes like Iran and Russia, with some of Washington's closest allies in Latin America, the Middle East, Africa, and Asia.
Some US allies inside the bloc had tried to blunt criticism of Trump by not mentioning him or the United States by name in their summit statement.
Saudi Arabia -- one of the world's biggest purchasers of US high-tech weapons -- even kept its foreign minister away from Sunday's talks and a BRICS group photo of leaders, seemingly to avoid Washington's ire. But such diplomatic gestures were lost on the US president.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

"Runaway Spending": Canada On Track For $92 Billion Deficit, Think Tank Projects
"Runaway Spending": Canada On Track For $92 Billion Deficit, Think Tank Projects

Gulf Insider

time4 hours ago

  • Gulf Insider

"Runaway Spending": Canada On Track For $92 Billion Deficit, Think Tank Projects

The federal government is on pace to post a $92-billion deficit this fiscal year — nearly double what was projected just four months ago , according to a new report from the C.D. Howe Institute. If accurate, it would mark the second-largest deficit in Canadian history, trailing only the $327.7-billion shortfall of 2020-21 during the pandemic, according to National Post. 'The picture is definitely not pretty,' said Alexandre Laurin, C.D. Howe's vice-president, who co-authored the report with William Robson and Don Drummond. The think tank now forecasts annual deficits of over $77 billion for the next four years, far higher than the government's projections in its most recent budget — which is now more than a year old. The report criticizes the government's delay in tabling a new budget, saying, 'Delaying a budget until the fiscal year is more than half over is never good, but Canada's current high-spending trajectory makes this delay especially bad.' National Post writes C.D. Howe attributes the worsening outlook to rising defence spending, Trump-era tariffs, tax cuts, and the scrapped digital services tax. It also questions whether promised revenue boosts from fines, penalties, and savings will materialize. The report notes Ottawa is making major fiscal commitments without disclosing key figures, including the expected tax intake, spending levels, and future interest payments. 'Ottawa is making costly commitments… without showing key numbers to the public,' it warns. 'It is widely accepted that Canada's economy is at a critical crossroads,' the authors write. 'So are Canada's finances – beyond the economic drag of high deficits and rising debt, it is unfair to pass these burdens on to the current young and future generations.' In contrast, the Parliamentary Budget Officer had projected in March that the federal deficit would shrink to $50.1 billion this year, with continued improvements in future years — assuming no major new spending or tax cuts. C.D. Howe recommends the government cut operating costs, abandon some costly platform promises, consider increasing less harmful taxes like the GST, and reduce federal transfers. It also rejects Ottawa's plan to separate operating and capital budgets: 'The large deficits projected in this update cannot be downplayed or disguised by dividing the budget into two new categories.' The report concludes that greater transparency is essential: 'The government must improve its accountability by sharing its revenue and spending figures with taxpayers.'

Syria Wants Lebanon's Tripoli In Swap For Israel-Held Golan Heights
Syria Wants Lebanon's Tripoli In Swap For Israel-Held Golan Heights

Gulf Insider

time5 hours ago

  • Gulf Insider

Syria Wants Lebanon's Tripoli In Swap For Israel-Held Golan Heights

Amid ongoing talks with Israel, Syria's new Islamist-led government is considering a scenario in which it would relinquish claims to most of the Golan Heights to Israel, in exchange for carving the city of Tripoli and surrounding territory out of Lebanon and making it part of Syria. The development was first reported by Israel's i24News , which didn't address the question of how Israel would have any authority to trade another country's territory. Israel seized the Golan Heights from Syria in 1967's Six-Day War and annexed it in 1981. In 2019, the Trump administration became the first country to recognize Israel's sovereignty over the 700 square miles of strategically-important land. Six years later, the United States still stands alone in doing so, as Israel's annexation is widely seen as a violation of international law and the United Nations charter. Following Assad's collapse, the Israeli army raced into Syria and seized what had been a demilitarized, UN-monitored 'buffer zone' under a 1974 ceasefire agreement, and also ventured beyond it. Israel did so despite assurances from the new Syrian government's assurance that it would honor the 1974 agreement. Other violations of Syrian territory has been part of the Israeli routine for years, with periodic bombings that have continued after the fall of Assad. Now, the two governments are engaged in what an Israeli official characterizes as 'advanced talks' on a bilateral security agreement. According to a source close to President Ahmed al-Sharaa, Syria is demanding that Israel part with at least a portion of the Golan Heights, and has thrown two scenarios on the table: Scenario 1: Israel would retain strategic areas in the Golan Heights equivalent to one-third of its territory, hand over a third to Syria, and lease another third from Syria for a period of 25 years. Scenario 2: Israel keeps two-thirds of the Golan Heights, and hands over the remaining third to Syria, with the possibility of its lease. Under this scenario, the Lebanese city of Tripoli, close to the Lebanese-Syrian border, and possibly other Lebanese territories in the north of the country and the Beqaa Valley, would be handed over to Syria. 'There is no such thing as peace for free,' said the Syrian government source, adding some concession by Israel on the Golan Heights is essential to al-Sharaa from the perspective of domestic politics: 'Al-Sharaa would likely face significant internal resistance should he fail to [secure the return of some territory].' In addition to the port city of Tripoli, Syria is angling to take over surrounding Sunni-dominated Lebanese territory. According to one analysis, here's how Lebanon's population breaks down along religious lines: 32% Shia Muslim, 31% Sunni Muslim, 31% Christian and 6% Druze Muslim. However, Tripoli is something on the order of 81% Sunni Muslim. The city and surrounding territory were removed from Syria when the state of Lebanon was formed by France in 1920, following the fall of the Ottoman Empire after World War I. Tripoli is Lebanon's second-largest city with a population of about 229,000, and is home to an important seaport. The idea of a swath of Lebanon being carved off and handed over to an extremist government dominated by members of an al-Qaeda offshoot is certain to raise eyebrows — most of all, because Lebanon is not a party to the discussions. While the Lebanese government has yet to issue a statement about the report, Ashraf Rifi, a member of the Lebanese parliament who represents Tripoli, dismissed the idea, telling the state-run National News Agency: 'Syria is not giving up the Golan, and it is not engaging in any barter. Al-Fayhaa [a union of municipalities that includes Tripoli, Mina and Baddawi] is Lebanese, Lebanese, Lebanese — Tripoli is Lebanese and proud of its identity. The 10,452 square kilometers [of Lebanon] constitute a final homeland for us and all its people. Period.' We'll have to see if the State of Israel somehow manages to have the last word on Tripoli's future.

How Much Revenue Do Tech Giants Earn Per Employee?
How Much Revenue Do Tech Giants Earn Per Employee?

Gulf Insider

time5 hours ago

  • Gulf Insider

How Much Revenue Do Tech Giants Earn Per Employee?

Which tech companies are generating the most profit per employee? In this graphic, Visual Capitalist's Marcus Lu visualized 22 major tech companies by revenue per employee in 2024, highlighting the efficiency of business models that monetize user-generated content. OnlyFans, Valve, and YouTube are the top three leaders in this dataset. All three are digital platforms that have successfully scaled up with a relatively small workforce. OnlyFans has 51-200 employees according to LinkedIn, while Valve operates Steam, the world's largest PC gaming platform, with a workforce of just 350 people. YouTube has the largest headcount of the three, with 7,173 employees as of January 2024. By leveraging user-generated content (OnlyFans and YouTube) or digital distribution strategies (Valve), these companies differ from traditional companies that rely on labor-intensive operations. OnlyFans was founded in 2016 by British entrepreneur Tim Stokely as a subscription-based platform where creators could monetize content directly from fans, initially targeting fitness influencers and lifestyle personalities. The platform's growth accelerated during the COVID-19 pandemic, and has become extremely popular in the adult entertainment industry. In 2018, Stokely sold 75% of OnlyFans' parent company to Ukranian-American billionaire Leonid Radvinsky, and later stepped down as its CEO in 2021.

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