Former U.S. President Donald Trump has proposed a baseline 10% tariff on all imports to the U.S., with additional duties targeting BRICS nations.
The announcement coincided with the BRICS summit in Rio de Janeiro, where leaders are discussing alternatives to Western-dominated trade systems.
Who’s Affected:
India: Faces a proposed 26% tariff, up from the baseline 10%.
China: Hit hardest with a 34% tariff, prompting threats of countermeasures.
South Africa: Targeted with a 30% tariff.
Brazil and Russia: Also expected to face elevated duties, though exact figures vary.
Why It Matters:
Trump’s move is framed as part of his “America First” trade revival, aiming to reduce the U.S. trade deficit and pressure countries accused of currency manipulation or unfair trade practices.
Critics warn this could ignite a global trade war, disrupt supply chains, and raise consumer prices.
BRICS Response:
BRICS leaders condemned the tariffs as “economic coercion”, vowing to accelerate efforts to de-dollarize trade and strengthen the New Development Bank as an alternative to Western financial institutions.
(source reuters.com)
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