BRICS, Donald Trump and tariff
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U.S. President Donald Trump hinted that he is close to reaching a deal with India after announcing new reciprocal tariffs on 14 countries. However, as India is a member of BRICS, it will likely be slapped an additional 10% levy.
President Donald Trump said on Wednesday his administration will charge Brazil with a 50% tariff on products sent to the U.S. starting August 1 while the Republican leader also expressed support for former Brazilian President Jair Bolsonaro.
Trump alleged BRICS was “set up to hurt us, to degenerate our dollar,” and warned that nations trying to undermine the dollar would “pay a big price.”
Trump and his aides have repeatedly shifted their stance on tariffs in the weeks since the president’s “Liberation Day” announcement.
The Brazilian president criticized NATO's decision to hike military spending by 5 percent of GDP annually by 2035.
India's benchmark shares were muted on Tuesday after U.S. President Donald Trump delayed implementation of tariffs to August 1 and announced steep import levies on several trading partners, while signalling an India deal was close.