- US President Trump threatened a 10% tariff on BRICS countries for Anti-American policies
- Countries aligning with BRICS' Anti-American stance face an additional 10% tariff
- BRICS includes Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, UAE
US President Donald Trump on Monday threatened to impose a 10% unilateral tariff on BRICS countries for what he called "Anti-American policies".
"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 posted on Truth Social.
BRICS is an intergovernmental organisation of ten countries — Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. A leaders' summit is underway in Brazil's Rio De Janerio.
The group of developing nations are poised to adopt a position at odds with Trump on trade tariffs, conflict in the Middle East and global arms spending.
In a draft statement prepared for the meeting, leaders agreed to voice “serious concerns” about the rise of unilateral tariff and non-tariff measures “which distort trade and are inconsistent with WTO rules,” according to a version of the final text as per Bloomberg News.
Trump has been a strong critic of BRICS. He has repeatedly warned members against forming an alternative financial system to the US dollar or club their economic and trade policies that may challenge American dominance.
Several BRICS countries including India have denied trying to de-dollarise their economies.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
