Donald Trump US Trade Tariff News: US President Donald Trump said on Friday that “anybody that’s in BRICS is getting a 10 per cent charge pretty soon”. His remarks reiterated an additional 10 per cent tariffs on members of the 11-nation grouping known as BRICS, which includes America’s allies Brazil, Indonesia and Saudi Arabia.
He was speaking at a meeting with cabinet officials at the White House.
Trump’s views come close on the heels of a summit of BRICS countries in Rio de Janeiro, Brazil, where leaders described back-and-forth with tariffs as “indiscriminate”.
All BRICS members, including India, will have to pay the additional 10 per cent duty, said Trump, adding that the tariff on BRICS nations is “coming very soon”.Â
Speaking about the European Union (EU), the US President said that a letter may be issued for the region within the next two days.
Only a few trustworthy sides will be able to deal with the US in terms of trade, he said. “EU is treating us very nicely,” said Trump.Â
The US is “picking a number” that is “low and fair”, he said.Â
The latest announcements come a day after the US President announced a duty of 25 per cent each on South Korea and Japan.Â
In similarly worded letters sent to both Asian nations, the US President said he will be imposing the trade tariffs.Â
Trump’s latest rates for Japan and South Korea are within 100 bps of the duties announced in his “reciprocal” April 2 tariffs–when a 24 per cent duty was assigned to Japanese and 25 per cent on South Korean products.Â
In his letters to officials in both Asian countries, the US mentioned its desire to continue to work with each country despite the “significant trade deficit”. Its relationship has been “far from reciprocal”, it noted.Â
Goods transshipped to evade a higher tariff will be subject to that higher tariff, each letter mentioned, adding that the US will “do everything possible to get approvals quickly, professionally, and routinely” to manufacture domestically instead.Â
