New Tariff Policy Shared on Truth Social
Former U.S. President Donald Trump declared a new trade policy aimed at BRICS nations. He stated on Truth Social that there will be an additional 10 percent tariff on any nation backing anti-U.S. policies associated with BRICS. Trump stressed that no nation would be exempted from this policy.
BRICS Summit Addresses U.S. Trade Policies
This revelation was widely debated at the current BRICS summit in Rio de Janeiro, Brazil. The event was attended by leaders from member states, such as India's Prime Minister Narendra Modi. The U.S. trade position and fresh tariffs were allegedly discussed during summit talks. Trump's statement seemed to react to these comments.
Trump to Begin Trade Negotiations with Many Nations
Trump also announced to initiate new trade negotiations around the world. From Monday (U.S. time) onward, he will write letters to other countries to initiate the talks. The letters will obviously state new rates of tariffs and the date of implementation.
New Tariffs to Start August 1, Not July 9
The U.S. government has postponed the implementation of the new tariffs. They initially scheduled them to start on July 9, but now they will be effective from August 1. U.S. Commerce Secretary Howard Lutnick affirmed the reversal. He added that the additional time enables nations to proceed with trade negotiations with the U.S. He further explained that President Trump is at present working on finalizing trade agreements, which precipitated the delay.
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