US tariffs to now take effect from August 1 as trade talks intensify
Washington, July 7 : US President Donald Trump has announced that an additional 10 per cent tariff will be imposed on countries that “align themselves with the anti-American policies of BRICS”.
He said this after the BRICS leaders, caught in a trade war initiated by the US, expressed their “grave concern” about the “indiscriminate rise in tariffs”. The declaration was made via Trump’s social media platform, Truth Social, in which the US President stated: “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!”
In a follow-up message, Trump also announced that formal documentation outlining the new tariff policy will be dispatched to the relevant countries starting Monday afternoon: “I am pleased to announce that the UNITED STATES TARIFF Letters, and/or Deals, with various Countries from around the World, will be delivered starting 12:00 P.M. (Eastern), Monday, July 7th. Thank you for your attention to this matter! ” This announcement coincides with the ongoing BRICS summit being held in Rio de Janeiro, Brazil, where leaders and representatives of the expanded bloc have convened to discuss strategic coordination and greater economic integration among developing nations. “We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO (World Trade Organisation) rules,” said the joint statement of BRICS leaders, adopted unanimously. The leaders, however, also criticised the other developed countries that try to impose trade restrictions aimed at developing nations by raising environmental issues while opposing unilateral tariffs that affect them.
“The proliferation of trade-restrictive actions, whether in the form of indiscriminate rising of tariffs and nontariff measures, or protectionism under the guise of environmental objectives, threatens to further reduce global trade, disrupt global supply chains”, the statement said without naming any countries or groups like the European Union. The BRICS alliance now includes Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia, Indonesia, and Iran.
US tariffs to now take effect from August 1 as trade talks intensify
US President Donald Trump’s country-specific tariffs are now scheduled to take effect from August 1, offering a temporary reprieve as trade talks intensified with several countries, including India. Earlier, the US tariffs were set to take effect from July 9.
Commerce Secretary Howard Lutnick announced the tariff reprieve on Sunday (US time) while speaking to the media. He noted that President Trump was “setting the rates and the deals right now”. Trump told reporters that “I think we’ll have most countries wrapped up by July 9, either through letters or finalised agreements”, adding that notification letters warning of upcoming tariff hikes would begin going out from Monday (US time), with more expected to follow on Tuesday.
Trump said that sending notices would be much easier than “sitting down and working 15 different things…this is what you have to pay, if you want to do business with the United States.” In April, Trump announced a base tariff of 10 per cent on most of America’s trading partners and thereafter additional duties ranging up to 50 per cent.