Tom Birkin, president and CEO of the Federal Reserve Bank of Richmond, interprets the market impact of President Donald Trump’s economic policies on the “Craman Countdown.”
President Donald Trump threatened to attack members of the BRICS Alliance, including China, Russia and India.
His announcement came when the Alliance held its annual summit in Rio de Janeiro, Brazil.
“Country in line with BRICS’s anti-American policies will be charged an additional 10% tariff, with no exceptions to this policy,” Trump said in a post on the Truth Social Sunday.
Such a threat will only be marked when Trump imposes tariffs on Russia during his second presidency. Since trade with Russia invaded Ukraine, countries that avoided taxation during Trump’s “liberation day” tariffs have shunned the state.
Trump confirms the August 1 deadline for countries facing trade deals or tariff increases
President Donald Trump threatened to attack members of the BRICS Alliance, including China, Russia and India. ((ap photo/evan vucci))
BRICS, alliance Brazil, China, India, Russia and South Africa expanded last year to include Indonesia, Iran, Egypt, Ethiopia and the United Arab Emirates, as a counterweight to international organizations in the western world.
Fox News Digital reached out to the Alliance for comment.
Brock leaders appeared to be targeting Trump in a statement Sunday night.
Without directly naming Iran or the United States, the statement deemed the attack on “private infrastructure and peaceful nuclear facilities” as “a violation of international law and a related resolution by the IAEA.”
The statement also raised “serious concerns” about “unilateral tariffs and secular measures,” while halting the naming of Washington.
Trump’s tariffs suspended in April to allow time to resolve trade contracts will take effect on August 1st, if there is no rigid agreement.
If the country does not trade by August 1st, tariffs will return to April levels, Bescent says.
Foreign leaders photographed at the BRICS summit in Iran, Egypt, United Arab Emirates and Brazil (Reuters/Riccardo Moraise)
So far, the US has only subsidized trade agreements with the UK and Vietnam.
But Trump said Monday that the US will begin sending a letter on Monday finalizing trade deals with various countries.
In response to Trump’s threat, Chinese Foreign Minister Mao Ning said the alliance was formed as a means of “cooperation” rather than “conflict,” and repeatedly said that China believes there is no winner in the trade war.
Brazilian President Luis Inacio Lula da Silva, left, Indian Prime Minister Narendra Modi, portrayed at the summit kicked off on Sunday. (Reuters/Pilar Olivares)
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The BRICS Alliance says it could cut its dollar control in global markets, shifting to alternative digital currencies or trading in local currencies.
In June, Trump warned that if BRICS countries replace the dollar as gold currency, they would impose a 100% tariff.
