Latest news with #PetersonInstitute
Bloomberg
14-07-2025
- Business
- Bloomberg
US Threatens New Tariffs Against EU, Mexico
Jacob Funk Kirkegaard, Nonresident Senior Fellow with the Peterson Institute for International Economics, breaks down the impact of new tariffs against the EU and Mexico that were announced by the Trump administration and what impact that move could have on other trade relationships. (Source: Bloomberg)
Free Malaysia Today
08-07-2025
- Business
- Free Malaysia Today
BRICS leaders voice ‘serious concerns' about Trump's tariffs
BRICS leaders at the 17th Rio summit voiced concern over unilateral trade measures, warning they were illegal and arbitrary actions. (AP pic) RIO DE JENAIRO : BRICS leaders descended on sunny Rio de Janeiro Sunday, but issued a dark warning that US President Donald Trump's 'indiscriminate' import tariffs risk hurting the global economy. The 11 emerging nations – including Brazil, Russia, India, China and South Africa – represent about half the world's population and 40% 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. The BRICS leaders voiced 'serious concerns about the rise of unilateral tariff and non-tariff measures,' warning they are illegal and arbitrary, according to a final summit statement. In April, Trump threatened allies and rivals alike with a slew of punitive duties, but abruptly offered a reprieve in the face of a fierce market sell-off. Trump has warned they will again impose unilateral levies on partners unless they reach 'deals' by August 1. The BRICS said such moves break world trade rules, threaten to further reduce global trade and were 'affecting prospects for global economic development.' The summit declaration did not mention the US or its president by name, but it is a clear political volley directed at the occupant of 1600 Pennsylvania Avenue. The Peterson Institute for International Economics, a Washington think tank, estimates Trump's tariffs could trim about two points off US GDP and hit economies from Mexico to the oil-rich Arabian Gulf. 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 as the group has expanded to include Iran, Indonesia and others, it has struggled to reach meaningful consensus on issues ranging from the Gaza war to reforming international institutions. The political punch of this year's summit has been depleted by the absence of China's Xi Jinping, who is skipping the meeting for the first time in his 12 years as president. The Chinese leader is not be the only notable absentee. Russian President Vladimir Putin, charged with war crimes in Ukraine, is also opting to stay away, but participated via video link. He told counterparts that the influence of BRICS 'continues to grow' and said the bloc had become a key player in global governance. Still, Xi's no-show is a blow to BRICS and to host President Luiz Inacio Lula da Silva, who wants Brazil to play a bigger role on the world stage. War and peace On Sunday he welcomed leaders to Rio's stunning Guanabara Bay, telling them that multilateralism was under attack, while hitting out at Nato and Israel, among others. He accused the trans-Atlantic defence organisation of fuelling an international arms race through a pledge by members to spend 5% of GDP on defence. 'It is always easier to invest in war than in peace,' he said, while accusing Israel of carrying out 'genocide' in Gaza. Iran's President Masoud Pezeshkian, whose nation is still reeling from a 12-day conflict with Israel, is also skipping the meeting, but he was represented by foreign minister Abbas Araghchi. Still, Iran won the diplomatic backing of its allies over Israel and the United States' recent bombing of Iranian military, nuclear and other sites. Tehran's allies condemned the strikes, and voiced 'serious concern over deliberate attacks on civilian infrastructure and peaceful nuclear facilities.' The US, Israel and European nations accuse Iran of using a civilian nuclear programme as cover to create a nuclear bomb. The BRICS bloc did not explicitly mention Israel or the US in the condemnation of the recent attacks, in a concession to members such as hosts Brazil who also enjoy close ties with Western nations. The 2026 BRICS summit is set to be hosted by India, Prime Minister Narendra Modi told the gathering.
CNA
06-07-2025
- Business
- CNA
BRICS nations hit out at Trump tariffs
RIO DE JANEIRO: BRICS leaders descended on sunny Rio de Janeiro Sunday (Jul 6), but issued a dark warning that US President Donald Trump's "indiscriminate" import tariffs risk hurting the global economy. The 11 emerging nations, including Brazil, Russia, India, China and South Africa, represent about half the world's population and 40 percent of global economic output. The bloc is divided about much, but has found common cause when it comes to the mercurial US leader and his stop-start tariff wars. The BRICS leaders voiced "serious concerns about the rise of unilateral tariff and non-tariff measures," warning they are illegal and arbitrary, according to a final summit statement. In April, Trump threatened allies and rivals alike with a slew of punitive duties, but abruptly offered a reprieve in the face of a fierce market sell-off. Trump has warned they will again impose unilateral levies on partners unless they reach "deals" by August 1. BRICS leaders said such moves break world trade rules, threaten to further reduce global trade and were "affecting prospects for global economic development." The summit declaration did not mention the United States or its president by name, but it is a clear political volley directed at the occupant of 1600 Pennsylvania Avenue. The Peterson Institute for International Economics, a Washington think tank, estimates Trump's tariffs could trim about two points off US GDP and hit economies from Mexico to the oil-rich Arabian Gulf. 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 as the group has expanded to include Iran, Indonesia and others, it has struggled to reach meaningful consensus on issues ranging from the Gaza war to reforming international institutions. The political punch of this year's summit has been depleted by the absence of China's Xi Jinping, who is skipping the meeting for the first time in his 12 years as president. The Chinese leader is not be the only notable absentee. Russian President Vladimir Putin, charged with war crimes in Ukraine, is also opting to stay away, but participated via video link. He told counterparts that the influence of BRICS "continues to grow" and said the bloc had become a key player in global governance. Still, Xi's no-show is a blow to BRICS and to host President Luiz Inacio Lula da Silva, who wants Brazil to play a bigger role on the world stage. War and peace On Sunday he welcomed leaders to Rio's stunning Guanabara Bay, telling them that multilateralism was under attack, while hitting out at NATO and Israel, among others. He accused the trans-Atlantic defense organization of fueling an international arms race through a pledge by members to spend five percent of GDP on defense. "It is always easier to invest in war than in peace," he said, while accusing Israel of carrying out "genocide" in Gaza. Iran's President Masoud Pezeshkian, whose nation is still reeling from a 12-day conflict with Israel, is also skipping the meeting, but he was represented by Foreign Minister Abbas Araghchi. Still, Iran won the diplomatic backing of its allies over Israel and the United States' recent bombing of Iranian military, nuclear and other sites. ehran's allies condemned the strikes, and voiced "serious concern over deliberate attacks on civilian infrastructure and peaceful nuclear facilities." The United States, Israel and European nations accuse Iran of using a civilian nuclear program as cover to create a nuclear bomb. The BRICS bloc did not explicitly mention Israel or the United States in the condemnation of the recent attacks, in a concession to members such as hosts Brazil who also enjoy close ties with Western nations.
News.com.au
06-07-2025
- Business
- News.com.au
BRICS gather in Rio as Trump tariff wars loom
BRICS leaders descended on sunny Rio de Janeiro Sunday, ready to issue a dark warning that US President Donald Trump's "indiscriminate" import tariffs risk hurting the global economy. The 11 emerging nations -- including Brazil, Russia, India, China and South Africa -- represent about half the world's population and 40 percent of global economic output. The bloc is divided about much, but has found common cause when it comes to the mercurial US leader and his stop-start tariff wars. The BRICS are set to voice "serious concerns about the rise of unilateral tariff and non-tariff measures," warning they are illegal and arbitrary, according to a draft summit statement obtained by AFP. In April, Trump threatened allies and rivals alike with a slew of punitive duties, but abruptly offered a reprieve in the face of a fierce market sell-off. Trump and his Treasury Secretary, Scott Bessent, have warned they will again impose unilateral levies on partners unless they reach "deals" by August 1. The BRICS will warn that such moves break world trade rules, "threaten to further reduce global trade" and are "affecting the prospects for global economic development." The draft summit declaration does not mention the United States or its president by name, but it is a clear political volley directed at the occupant of 1600 Pennsylvania Avenue. The Peterson Institute for International Economics, a Washington think tank, estimates Trump's tariffs could trim about two points off US GDP and hit economies from Mexico to the oil-rich Arabian Gulf. - 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 as the group has expanded to include Iran, Indonesia and others, it has struggled to reach meaningful consensus on issues ranging from the Gaza war to reforming international institutions. The political punch of this year's summit has been depleted by the absence of China's Xi Jinping, who is skipping the meeting for the first time in his 12 years as president. The Chinese leader will not be the only notable absentee. War crime-indicted Russian President Vladimir Putin is also opting to stay away, but participated via video link. He told counterparts that the influence of BRICS "continues to grow" and said the bloc had become a key player in global governance. Still, Xi's no-show is a blow to BRICS and to host President Luiz Inacio Lula da Silva, who wants Brazil to play a bigger role on the world stage. On Sunday he welcomed leaders to Rio's stunning Guanabara Bay, telling them that multilateralism was under attack, while hitting out at NATO and Israel, among others. He accused the trans-Atlantic defense organization of fueling an international arms race through a pledge by members to spend five percent of GDP on defense. "It is always easier to invest in war than in peace," he said, while accusing Israel of carrying out a "genocide" in Gaza. Iran's President Masoud Pezeshkian, whose nation is still reeling from a 12-day conflict with Israel, is also skipping the meeting, but he was represented by Foreign Minister Abbas Araghchi. A source familiar with summit 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 Tehran's allies expressed "grave concern" about strikes against Iran, but did not explicitly mention Israel or the United States.
Yahoo
03-07-2025
- Business
- Yahoo
President Trump announces trade deal with Vietnam that will let US goods into the country duty-free
WASHINGTON (AP) — President Donald Trump announced a trade deal with Vietnam Wednesday that would allow U.S. goods to enter the country duty-free. Vietnamese exports to the United States, by contrast, would face a 20% levy. On his Truth Social platform, Trump declared the pact "a Great Deal of Cooperation between our two Countries.'' In April, Trump announced a 46% tax on Vietnamese imports — one of his so-called reciprocal tariffs targeting dozens of countries with which the United States runs trade deficits. Trump promptly suspended the reciprocal tariffs for 90 days to allow for negotiations like the one with Vietnam. The pause expires Tuesday, but so far the Trump administration has reached a trade agreement with only one of those countries — the United Kingdom. (Trump has also reached a "framework'' agreement with China in a separate trade dispute.) 'Vietnam has been very keen to get out from under this,'' said Mary Lovely, senior fellow at the Peterson Institute for International Economics. 'This is forcing a smaller country to eat it, basically. We can do that. It's the big countries that everybody's keeping their eyes on.'' She doubts that Trump will be able to impose such a lopsided agreement on big trading partners such as the European Union and Japan. The United States last year ran a $122 billion trade deficit with Vietnam. That was the third-biggest U.S. trade gap — the difference between the goods and services it buys from other countries and those it sells them — behind the ones with China and Mexico. In addition to the 20% tariffs, Trump said the U.S. would impose a 40% tax on "transshipping'' — goods from another country that stop in Vietnam on their way to the United States. Washington complains that Chinese goods have been dodging higher U.S. tariffs by transiting through Vietnam. William Reinsch, a former U.S. trade official now with the Center for Strategic and International Studies, said the significance of the transshipment crackdown will depend on "how the term is defined and enforced. Some transshipment is outright fraud – simply changing the label; some is a legitimate substantial transformation in Vietnam into a new product; and there is a lot in between. Enforcement is always complicated.'' A February study in the Harvard Business Review found that there was "much less rerouting than previously believed.'' In May, Vietnam approved a $1.5 billion project by the Trump Organization and a local partner to build a massive golf resort complex near Hanoi, covering an area roughly the size of 336 football fields. Vietnam was a beneficiary of American efforts to counter China's influence. Companies looking to diversify their supply chains away from China flocked to Vietnam. In 2023, it became the only country to host both President Joe Biden and Chinese leader Xi Jinping on state visits. That year, the U.S. upgraded Vietnam to its highest diplomatic status—comprehensive strategic partner—placing it on par with China and Russia. ____ Aniruddha Ghosal reported from Hanoi, Vietnam.
