Donald Trump threatens extra 10% tariff for ‘anti-American' Brics policies, as trade war deadline approaches
Date: 2025-07-07T06:23:41.000Z
Title: Donald Trump threatens extra 10% tariff for "anti-American" Brics policies
Content: Good morning, and welcome to our rolling coverage of business, the financial markets, and the world economy.
Donald Trump has targeted the BRICS group of developing nations in the latest salvo of his ongoing trade war, as the deadline to agree deals before the president's 90-day tariff pause looms.
Trump has warned overnight that he will impose a new 10% tariff on any country that aligns itself with the BRICS group, claiming they are 'anti-American'.
Writing on his Truth Social site, Trump declared:
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Trump's attack comes after the Brics group — which was originally made up of Brazil, Russia, India, China and South Africa but now includes other nations — met in Brazil at the weekend.
Brazil's president Luiz Inacio Lula da Silva, told the meeting in Rio de Janeiro that BRICS was the heir to the 'Non-Aligned Movement' – the bloc of countries who declined to ally with either side in the Cold War.
Lula criticised the move (driven by Trump) towards increased spending on the military rather than on international development, pointing out: 'It is always easier to invest in war than in peace'.
He told leaders they were witnessing 'the unparalleled collapse of multilateralism', before warning:
'If international governance does not reflect the new multipolar reality of the 21st century, it is up to BRICS to help bring it up to date.'
The BRICS group also condemned US and Israeli attacks on Iran and urged 'just and lasting' solutions to conflicts across the Middle East.
All of which appears to have stirred Trump into another tariff threat.
There's also confusion this morning about the status of the original 'liberation day' tariffs which Trump announced at the start of April, and then paused for 90 days after the markets slumped.
The president told reporters on Sunday that his administration plans to start sending letters later today to US trade partners dictating new tariffs.
But there's confusion about when these levies would kick in. Trump implied they would start on Wednesday, saying 'I think we'll have most countries done by July 9, yeah. Either a letter or a deal.'
But commerce secretary Howard Lutnick then weighed in to explain:
'But they go into effect on August 1. Tariffs go into effect August 1, but the president is setting the rates and the deals right now.'
Trump has subsequently posted that 'TARIFF Letters, and/or Deals' will be delivered from 12:00 PM (Eastern)' today, (that's 5pm BST)
7am BST: Halifax house price index for June
2pm BST: Eurogroup ministers meeting in Brussels
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
30 minutes ago
- Reuters
Yen stumbles as Trump imposes 25% tariffs on Japan
SINGAPORE, July 8 (Reuters) - The yen fell broadly on Tuesday while the dollar held steady as U.S. President Donald Trump unveiled 25% tariffs on goods from Japan and South Korea in the latest development of his chaotic trade war. Trump on Monday began telling trade partners – from powerhouse suppliers like Japan and South Korea to minor players – that sharply higher U.S. tariffs will start August 1. He later said that he was open to extensions if countries made proposals. The announcement rattled investor sentiment, sending the Japanese yen and South Korean won down roughly 1% overnight. Both currencies remained under pressure early on Tuesday, with the yen falling to a two-week low of 146.44 per dollar. The won rose 0.4% to 1370.20 per dollar. Investors entered the week with much confusion over Trump's tariff plans ahead of an initial July 9 deadline. While the new August 1 date offers a brief reprieve, the outlook remains uncertain and global economic concerns persist. "There is still a lot of uncertainty as to where tariff rates will eventually settle and which countries will get what rates, so uncertainty about the global economy is still high and that will keep investors on edge for the time being," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. "This is just the start and we'll get more headlines out for sure over the coming days." Japanese Prime Minister Shigeru Ishiba said on Tuesday that Japan would continue negotiations with the United States to seek a trade deal that benefits both countries. South Korea has said it plans to intensify trade talks with the U.S. and views Trump's plan for a 25% tariff from August 1 as effectively extending a grace period on implementing reciprocal tariffs. Other currencies meanwhile gained some ground on Tuesday, after sliding in the prior session when the dollar rebounded. The euro was up 0.27% to $1.1741 after having slid 0.67% on Monday, while sterling edged up 0.17% to $1.3626. The European Union will not receive a letter from the United States setting out higher tariffs, EU sources familiar with the matter told Reuters on Monday, and is eyeing possible exemptions from the U.S. baseline levy of 10%. Against a basket of currencies, the dollar was little changed at 97.40, holding on to most of its gains from Monday when it rose 0.5%. The Australian dollar last traded 0.32% higher at $0.6513, having tumbled 0.9% in the previous session as risk appetite soured. The New Zealand dollar advanced 0.22% to $0.6015, reversing some of Monday's 0.8% fall. The Reserve Bank of Australia announces its rate decision later on Tuesday, where expectations are for the central bank to deliver another rate cut owing to easing inflation and a slowing economy. "Given the ever-shifting balance of risks and the heightened uncertainty it creates for hiring and investment in the Australian economy, more RBA cuts are set to follow," said Carl Ang, fixed income research analyst at MFS Investment Management. "A 3.1% terminal rate by early 2026 remains the base case for this RBA cutting cycle."
The Independent
an hour ago
- The Independent
The real reason Netanyahu nominated Trump for the Nobel Peace Prize
Israeli Prime Minister Benjamin Netanyahu spoke in a solemn voice as he lauded the efforts of the peacemaker who sat before him. 'He's forging peace, as we speak, in one country, in one region after the other,' Netanyahu said. 'So I want to present to you, Mr President, the letter I sent to the Nobel Prize Committee. It's nominating you for the Peace Prize, which is well deserved, and you should get it,' he added, rising to hand him said letter. President Donald Trump, who had just weeks earlier launched airstrikes against Iran, was touched. 'Wow,' he said. 'Coming from you in particular, this is very meaningful.' Soon after, Trump took a moment to reflect on his quest for peace. 'The biggest bombs that we've ever dropped on anybody, when you think non-nuclear,' the president said of the diplomacy that earned him the nomination for the prize previously awarded to Mother Teresa and Nelson Mandela. 'I don't want to say what it reminded me of, but if you go back a long time ago, it reminded people of a certain other event, and is Harry Truman's picture is now in the lobby,' Trump continued, comparing his efforts to the dropping of the two atomic bombs on Japan during the Second World War, an event that killed more than 120,000 civilians. The ironies abound. President Trump received a nomination for the peace prize weeks after launching military strikes against a country that his intelligence agencies had said was not building a nuclear weapon. He launched that action after single-handedly destroying a diplomatic deal that his predecessor, Barack Obama, had negotiated, and which was working. He received it from a man who, had he delivered the nominating letter to the Nobel Committee in Sweden by hand, would have been arrested under its obligation as a signatory to obey a warrant issued by the International Criminal Court. From a man who is currently presiding over a war that has killed more than 55,000 people, more than half of them women and children, that has made Gaza the place with the highest number of child amputees per capita in the world, and where the blockade of vital aid has pushed much of the population to the brink of famine. In short, being nominated for a peace prize by Benjamin Netanyahu is akin to being nominated for a 'not breaking the law' prize by fictional mob bossTony Soprano. But Netanyahu's nomination has less to do with world peace and more to do with the softening up of Trump ahead of crunch talks this week. This visit was supposed to be a victory lap for the Israeli prime minister after the realization of a decades-long-held wish to bomb Iran's nuclear program. He achieved it with Trump's help and he will likely need it again in the near future to ensure it does not rebuild. The Israeli leader's relationship with Trump is also a political crutch that he leans on when he needs to shore up support in his shaky ruling coalition at home. Trump has, in recent weeks, gone to the extraordinary lengths of calling for corruption charges against Netanyahu to be dropped, linking U.S. support for Israel to the fate of its prime minister. All of which is why he ensured his departure was covered with much fanfare as he left Tel Aviv. The same fanfare was not waiting on the other side, however. The Israeli leader was whisked into the White House through the back door on Monday, and the pair had no public events scheduled as they met to discuss Israel's ceasefire with Iran, a potential ceasefire in Gaza, and a wider peace deal between Israel and Gulf countries. Some had read into that arrangement that Trump might be aiming to put more pressure on Netanyahu on this visit to achieve some of his goals. In many ways, Trump and Netanyahu have never looked more in sync. They have just gone to war together, after all. But much of their relationship over the past year or so has been a one-way street, and Trump is beginning to notice. Trump has given Netanyahu carte blanche to act with impunity with American weapons in Gaza, not even putting up the pretense of caring about civilian casualties, and even entertaining the Israeli right's wildest dreams of mass ethnic cleansing of Palestinians from Gaza. But he has his own plans for the region. He wants to build on the Abraham Accords peace deal between Israel and several Arab states from his first term, specifically bringing Saudi Arabia on board. He would like — for his own reasons, likely not related to the welfare of Palestinians — to forge a peace in Gaza. He has made little headway in those goals largely because Netanyahu's plans have superseded his own. Trump has not been shy to show his frustration. A few weeks ago, he publicly admonished the prime minister for breaking a ceasefire agreement he had brokered with Iran. "They don't know what the f*** they're doing,' he said of the leaders of both Iran and Israel, a statement that raised eyebrows for its equal apportioning of blame. Trump is reportedly keen to use this trip to press for a ceasefire in Gaza and a permanent end to the war, and has promised to be 'very firm' with Netanyahu to get it. Part of that pressure campaign appears to involve denying him the oxygen of publicity until he can show some results. If some kind of deal is reached, or if Netanyahu gives Trump enough to make him feel like he's won a victory, expect a longer-than-usual press conference to make up for it, filled with war stories, tales of bravery, bunker busters, daring pilots, and peace in our time.
BBC News
an hour ago
- BBC News
Trump upbeat on Gaza ceasefire talks as he hosts Netanyahu
US President Donald Trump has said he thinks talks to end the war in Gaza have been "going along very well", as he hosted Israeli Prime Minister Benjamin Netanyahu in Washington also expressed confidence that Hamas was willing to end the 21-month conflict. "They want to meet and they want to have that ceasefire," he said in unexpected remarks to reporters at the White leaders were asked about potential plans to relocate Palestinians, with Trump saying he has co-operation from countries neighbouring meeting came after the latest rounds of indirect ceasefire talks between Israel and Hamas in Qatar ended without a breakthrough, though negotiations were expected to continue this week. In Monday's remarks, Trump was asked by a journalist what was preventing a peace deal in Gaza, and he said: "I don't think there is a hold-up. I think things are going along very well." Netanyahu, meanwhile, said he was working with the US on finding countries that will "give Palestinians a better future". The Palestinian presidency has previously rejected plans to relocate Palestinians, which it pointed out would violate international also appeared to play down prospects of full Palestinian statehood, saying that Israel will "always" keep security control over the Gaza Strip."Now, people will say it's not a complete state, it's not a state. We don't care," Netanyahu said. At the meeting, the Israeli PM also said he had nominated Trump for the Nobel Peace Prize, reportedly a long-held goal of the US president."He's forging peace as we speak, in one country, in one region after the other," Netanyahu said as he presented Trump with a letter he sent to the prize committee. Trump has previously said he would be "very firm" with the Israeli PM about ending the war and indicated that "we'll have a deal" this White House initially said it would not make the meeting between the two leaders open to media, with officials describing it as a private dinner during which Trump would prioritise the push for an end to the war and the return of all hostages. Keeping the meeting closed to journalists would have been unusual for a president who likes to platform his positions with foreign leaders in front of the world's press. The US-backed ceasefire proposal would reportedly see Hamas release 10 living hostages and the bodies of 18 dead hostages in five stages during a 60-day would be required to release an unknown number of Palestinian prisoners and withdraw from parts of Gaza, where it now controls about two-thirds of the territory. Obstacles to a deal remain significant. The main outstanding issue relates to aid, as Hamas insists on ending the work of the Gaza Humanitarian Foundation, while the Israeli delegation refuses to discuss the issue, saying they are not authorised to discuss his visit, Netanyahu met US Secretary of State Marco Rubio and Trump's Middle East envoy Steve Netanyahu's armoured limousine travelled to the White House, dozens of protesters gathered at security gates, waving Palestinian flags and shouting calls for the Israeli's PM's along with his former defence minister Yoav Gallant and a Hamas commander Mohammed Deif, were made subjects of an arrest warrant in November from the International Criminal Court (ICC) for alleged war crimes and crimes against has rejected the allegations, calling the warrants antisemitic, while the Trump administration has imposed sanctions on four ICC judges for what it called "baseless actions targeting America or our close ally, Israel". The latest round of negotiations on the war in Gaza began on Sunday in Doha, with representatives seated in different rooms in the same building.A second session was held on Monday and ended without a breakthrough, a Palestinian official familiar with the negotiations told was due to join the talks in Doha later this week in an effort to get a ceasefire over the line as the Gaza conflict nears its 22nd to the BBC, US Ambassador to Israel Mike Huckabee declined to say whether Trump would give a written guarantee that a proposed 60-day ceasefire would be extended, so long as negotiations continue."I simply don't know," Huckabee is one of Hamas's key demands and a stumbling block in the current asked whether he believes Trump can achieve a breakthrough with the Israeli leader, Huckabee said: "I'm not a prophet. I cannot predict the future, so I won't try to tell you what will happen."Netanyahu is visiting the White House for the third time since Trump returned to power nearly six months the leaders are meeting for the first time since the US joined Israeli attacks on Iranian nuclear sites and then brokered a ceasefire between Israel and is a strong sense that the recent 12-day war has created more favourable circumstances to end the Gaza said at Monday's dinner that a US meeting with Iran would take place in the next week or so. Trump also said he would like to lift sanctions on the Islamic Republic at some US president has expressed increasing concern over the conflict in Gaza in recent weeks and believes there is a "good chance" of reaching a House spokeswoman Karoline Leavitt said it was Trump's "utmost priority" to end the war in Gaza and that he wanted Hamas to agree to the 60-day deal "right now".
