- Trump announcement as BRICS meeting in Rio de Janeiro, Brazil.
- The U.S. tariffs announced in April will take effect on Aug. 1
- additional 10% tariff on BRICS with “Anti-American policies”
- “Any pro-BRICS country with Anti-American policies ADDITIONAL 10%
- There will be no exceptions to this policy,” Trump said
- BRICS desire to move beyond a U.S.-led world order in finance, governance
- BRICS offered symbolic backing to fellow member, Iran
- Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, UAE, Ethiopia, Indonesia and Iran.
- U.S. will start delivering letters Monday (today 7th July) detailing country-specific tariffs
My Comments:
The Tariffs have been postponed to August 1st (instead of July 9th). Thus far tariff agreements with China, Vietnam and the UK have been reported though the full details are not known yet.
In ASEAN we may not be better off than Vietnam (except maybe for Singapore). Vietnam is not in BRICS. Indonesia is a member of BRICS.
Vietnam has already agreed to open its market fully to the United States. This could become a reference point for the US in their tariff negotiations with other Asian countries. If Vietnam can agree to this why cant you?
The extra 10% "anti-American" tariff is obviously political. It depends on how big is the stick that Donald Trump is carrying. Trump is basically saying 'You can be anti American, that is your choice. But there is some price to pay for that'.
This problem would not have occurred if the British had not been allowed to impose all those sanctions against Russia.
Russia had applied to join NATO. They should have just allowed Russia into NATO. Problem solved.
Back to LaLa Land, so what is going to happen? An extra 10% or not?
