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IOL News
07-07-2025
- Business
- IOL News
Rand weakens as Trump extends tariffs on emerging economies, escalating trade tensions
Trump also reiterated previous warnings of imposing tariffs of up to 100% on BRICS nations should they abandon the US dollar in bilateral trade, and further warned other countries against joining the alliance. Image: Mauro PIMENTEL/AFP The rand weakened to its lowest in nearly two weeks against the major currencies on Monday as global risk was seen to have escalated following US President Donald Trump's tariff threat. On Sunday, Trump announced an extension to the tariff deadline, pushing it to the beginning of August while imposing an additional 10% tariff with 'no exceptions' on countries aligning with the policies of BRICS—a bloc of emerging economies comprising Brazil, Russia, India, China, and South Africa. Trump also reiterated previous warnings of imposing tariffs of up to 100% on BRICS nations should they abandon the US dollar in bilateral trade, and further warned other countries against joining the alliance. The expanded BRICS bloc now encompasses 11 countries, representing 43% of the global population, 32% of the world's land area, and approximately 35% of global GDP, which makes these tariffs even more impactful. On Monday, BRICS currencies, along with emerging markets, came under pressure. The rand weakened by 1.15% to R17.79 against the US dollar, 0.9% to R20.90 against the euro, and 0.9% to R24.20 against the British pound, marking its lowest level since June 27. According to Investec's chief economist, Annabel Bishop, the rand's decline was attributed to rising uncertainty surrounding global trade. She stated that after briefly nearing the key resistance level of R17.50 against the US dollar last week due to the dollar's weakness, the renewed tariff threats compelled a rebound of the dollar, thereby pulling the rand lower. 'The ongoing uncertainties around global trade, with high levels of protectionism (including tariffs) negatively impacting globalisation and global growth, has caused some market concerns, seeing US dollar strength on some safe-haven purchases,' Bishop said. 'The additional 10% BRICS tariffs would add further drag to SA's export competitiveness, and this has added to rand weakness, with the universal extension to early August not currently expected to see SA return to prior Agoa status.' The impact of the tariffs is expected to weigh heavily on South Africa's export competitiveness. The rand's further depreciation comes despite prior efforts by South Africa to negotiate better terms with the Trump administration over trade relations. In fact, the country had already faced a 10% tariff along with an additional 30% duty on certain imports prior to a temporary pause for negotiations. Trade, Industry and Competition Minister, Parks Tau, recently said there was still room for engagement with the US regarding trade protectionism. South Africa has submitted a draft Framework Agreement to address American concerns over non-tariff barriers, as well as trade deficits, but has yet to receive a response. This Framework aims to resolve long-standing access issues while promoting investments on both sides. Nigel Green, CEO of global financial advisory deVere Group, said Trump's fresh threat to slap an additional 10% tariff on any country backing the BRICS alliance was accelerating a decisive shift among global investors — one that's moving capital, attention and confidence away from the US. 'Tariffs were once a bargaining tool. Now they're a permanent threat. That changes how markets view American reliability. We're seeing a structural reassessment of US exposure,' Green said. 'The message from BRICS is to build around the US, not with it. That's a direct consequence of Trump's strategy, and it's setting the stage for a less US-centric world economy.' Meanwhile, the BRICS Leaders Declaration on Sunday said the multilateral trading system has long been at a crossroads. It said the proliferation of trade-restrictive actions, whether in the form of indiscriminate rising of tariffs and non-tariff measures, or protectionism under the guise of environmental objectives, threatened to further reduce global trade, disrupt global supply chains, and introduce uncertainty into international economic and trade activities, potentially exacerbating existing economic disparities and affecting prospects for global economic development. 'We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with World Trade Organisation rules (WTO),' read the Declaration. 'In this context, we reiterate our support for the rules-based, open, transparent, fair, inclusive, equitable, non-discriminatory, consensus-based multilateral trading system with the WTO at its core, with special and differential treatment for its developing members.' BUSINESS REPORT
eNCA
07-07-2025
- Business
- eNCA
BRICS nations slam Trump tariffs, condemn strikes on Iran
BRFAZIL - BRICS leaders at a summit on Sunday took aim at US President Donald Trump's "indiscriminate" import tariffs and recent Israeli-US strikes on Iran. The 11 emerging nations - including Brazil, Russia, India, China and South Africa - account for about half the world's population and 40 percent of global economic output. The bloc is divided about much, but found common cause when it comes to the mercurial US leader and his stop-start tariff wars - even if they avoided naming him directly. Voicing "serious concerns about the rise of unilateral tariff" measures, BRICS members said the tariffs risked hurting the global economy, according to a summit joint statement. They also offered symbolic backing to fellow member Iran, condemning a series of military strikes on nuclear and other targets carried out by Israel and the United States. AFP | Mauro PIMENTEL In April, Trump threatened allies and rivals alike with a slew of punitive duties, before offering a months-long reprieve in the face of a fierce market sell-off. Trump has now warned he will impose unilateral levies on partners unless they reach "deals" by August 1. In an apparent concession to US allies such as Brazil, India and Saudi Arabia, the summit declaration did not criticize the United States or its president by name at any point. - No show - Conceived two decades ago as a forum for fast-growing economies, the BRICS have come to be seen as a Chinese-driven counterbalance to US and western European power. But as the group has expanded to include Iran, Saudi Arabia and others, it has struggled to reach meaningful consensus on issues from the Gaza war to challenging US global dominance. BRICS nations, for example, collectively called for a peaceful two-state solution to the Israel-Palestinian conflict - despite Tehran's long-standing position that Israel should be destroyed. An Iranian diplomatic source said his government's "reservations" had been conveyed to Brazilian hosts. Still, Iran stopped short of rejecting the statement outright. In perhaps a further sign of the diplomatic sensitivities, Saudi Arabia's foreign minister skipped Sunday's discussions entirely, according to a Brazilian government source. Saudi Arabia is among the world's leading beneficiaries of high-tech US military exports and is a long-standing US partner. AFP | Mauro PIMENTEL The political punch of this year's summit has been depleted by the absence of China's Xi Jinping, who skipped the meeting for the first time in his 12 years as president. The Chinese leader is not the only notable absentee. Russian President Vladimir Putin, charged with war crimes in Ukraine, also opted to stay away, participating via video link. He told counterparts that BRICS had become a key player in global governance. The summit also called for regulation governing artificial intelligence and said the technology could not be the preserve of only rich nations. The commercial AI sector is currently dominated by US tech giants, although China and other nations have rapidly developing capacity. By Facundo Fernández Barrio
IOL News
06-07-2025
- Business
- IOL News
BRICS nations voice 'serious concerns' over Trump tariffs
A workers walks in the open area of the Modern Art Museum (MAM) where the BRICS summit 2025 will be held in Rio de Janeiro, Brazil on July 3, 2025. Image: Mauro PIMENTEL/AFP BRICS leaders meeting in Rio de Janeiro on Sunday are expected to decry US President Donald Trump's "indiscriminate" trade tariffs, saying they are illegal and risk hurting the global economy. Emerging nations, which represent about half the world's population and 40 percent of global economic output, have united over "serious concerns" about US import tariffs, according to a draft summit statement obtained by AFP on Saturday. Since coming to office in January, Trump has threatened allies and rivals alike with a slew of punitive duties. President Cyril Ramaphosa has arrived in Brazil at the invitation of President Luiz Inacio Lula da Silva of Brazil, where he will attend the XVII #BRICSSummit on 6 - 7 July 2025 in Rio de Janeiro. Image: GCIS 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 ✕ His latest salvo comes in the form of letters informing trading partners of new tariff rates that will soon enter into force. The draft summit declaration does not mention the United States or its president by name, and could yet be amended by leaders gathering for talks Sunday and Monday. But it is a clear political shot directed at Washington from 11 emerging nations, including Brazil, Russia, India, China and South Africa. "We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO (World Trade Organization) rules," the draft text says. It warns that such measures "threaten to further reduce global trade" and are "affecting the prospects for global economic development." Xi no show Conceived two decades ago as a forum for fast-growing economies, the BRICS have come to be seen as a Chinese-driven counterbalance to Western power. But the summit's political punch will be depleted by the absence of China's Xi Jinping, who is skipping the annual meeting for the first time in his 12 years as president. That absence has prompted fevered speculation in some quarters. "The simplest explanation may hold the most explanatory power. Xi recently hosted Lula in Beijing," said Ryan Hass, a former China director at the US National Security Council who is now with the Brookings Institution think tank. The Chinese leader will not be the only notable absentee. War crime-indicted Russian President Vladimir Putin is also opting to stay away, but will participate via video link, according to the Kremlin. Hass said Putin's non-attendance and the fact that Indian Prime Minister Narendra Modi will be a guest of honor in Brazil could also be factors in Xi's absence. "Xi does not want to appear upstaged by Modi," who will receive a state lunch, he said. "I expect Xi's decision to delegate attendance to Premier Li (Qiang) rests amidst these factors." Still, the Xi no-show is a blow to host President Luiz Inacio Lula da Silva, who wants Brazil to play a bigger role on the world stage. In the year to November 2025, Brazil will have hosted a G20 summit, a BRICS summit, and COP30 international climate talks, all before heading into fiercely contested presidential elections next year, in which he is expected to run. Lula warmly welcomed leaders and dignitaries on Saturday, including China's Premier Li Qiang, as the leftist president hosted a pre-summit business forum in Rio. "Faced with the resurgence of protectionism, it is up to emerging countries to defend the multilateral trade regime and reform the international financial architecture," Lula told the event. Iran's President Masoud Pezeshkian, whose nation is still reeling from a 12-day conflict with Israel, is also skipping the meeting and will be represented by Foreign Minister Abbas Araghchi. A source familiar with the negotiations said Iran had sought a tougher condemnation of Israel and the United States over their recent bombing of Iranian military, nuclear and other sites. But one diplomatic source said the text would give the "same message" that BRICS delivered last month. Then Iran's allies expressed "grave concern" about strikes against Iran, but did not explicitly mention Israel or the United States. Artificial intelligence and health will also be on the agenda at the summit. Original members of the bloc Brazil, Russia, India, and China have been joined by South Africa and, more recently, Saudi Arabia, Iran, the United Arab Emirates, Egypt, Ethiopia and Indonesia.
Forbes
03-04-2025
- Entertainment
- Forbes
Evanescence Scores Its First Hit In Years, With Help From Netflix
Evanescence returns to the Billboard charts with 'Afterlife,' which debuts on two rock airplay ... More charts while 'Bring Me to Life' and Fallen continue to thrive. Singer Amy Lee from US rock band Evanescence performs at the main stage of the Rock in Rio music festival at the Rio 2016 Olympic Park in Rio de Janeiro, Brazil, on September 15, 2024. (Photo by Mauro PIMENTEL / AFP) (Photo by MAURO PIMENTEL/AFP via Getty Images) Evanescence doesn't drop new music all that often these days, so when a track does finally arrive, it's rather exciting for fans. The Grammy-winning rock band was once a mainstay on the charts, back when hits like "Bring Me to Life" and 'My Immortal' were inescapable. In more recent years, it's become clear the group is in no rush to dominate the market, choosing instead to release songs sporadically. The hard rockers are back on the Billboard charts thanks to a new single titled "Afterlife." It's the band's first proper release in a few years, and even though it's not a blockbuster just yet, a win is a win, and fans seem to be into the cut. "Afterlife" opens on a pair of rock-focused Billboard rankings this frame, kicking off what could become a lengthy run for the track. While it didn't generate enough streams or sales to land on charts centered around those metrics, it has managed to break through at radio, at least a little. The tune debuts at No. 38 on the Mainstream Rock Airplay chart, which ranks the most-played tracks at 'mainstream' rock radio stations – which can mean 'harder' – across the U.S. At the same time, it barely finds a home on the Rock & Alternative Airplay tally, coming in at No. 50. "Afterlife" brings Evanescence back to the Rock & Alternative Airplay chart for the first time since 2021. Back then, "Better Without You" climbed as high as No. 20. That cut marked the third time the band had reached the ranking, so this latest debut brings the group's total number of appearances to just four — a surprisingly low figure, given how massive the band once was. Over on the Mainstream Rock Airplay list, Evanescence has been more successful. "Afterlife" becomes the band's twelfth song to land on that genre-specific tally. For now, "Afterlife" appears to be a standalone single. It's not tied to an upcoming album or EP, at least not yet. According to a social media post from the band, the tune was recorded specifically for the Netflix animated series Devil May Cry. It's featured in episodes six and seven of the show, according to the group. While "Afterlife" is just getting started, another Evanescence hit continues to perform remarkably well more than two decades after it first dropped. "Bring Me to Life," the cut that launched the band to superstardom, is still present on the Hard Rock Streaming Songs chart. This week, the single holds steady at No. 15 as it celebrates its 250 turns on the ranking. Evanescence also manages one placement on a Billboard albums chart this frame. Fallen, the band's massive breakout full-length, improves slightly on the Top Hard Rock Albums chart. It rises from No. 22 to No. 19, gaining a bit of ground, and excitement around "Afterlife" may be to thank.
