Dubai Telegraph - BRICS' criticism brings Trump 10% tariff threat

EUR -
AED 4.34565
AFN 76.914273
ALL 96.607572
AMD 446.36223
ANG 2.118193
AOA 1085.081707
ARS 1709.824236
AUD 1.683447
AWG 2.13289
AZN 2.021476
BAM 1.956958
BBD 2.375416
BDT 144.135286
BGN 1.987191
BHD 0.446102
BIF 3494.697374
BMD 1.183295
BND 1.499187
BOB 8.149822
BRL 6.199519
BSD 1.179403
BTN 106.558601
BWP 16.290708
BYN 3.379214
BYR 23192.585239
BZD 2.372014
CAD 1.6135
CDF 2603.249667
CHF 0.917087
CLF 0.025772
CLP 1017.634253
CNY 8.209944
CNH 8.203661
COP 4321.393943
CRC 585.768881
CUC 1.183295
CUP 31.357322
CVE 110.329817
CZK 24.339203
DJF 210.025161
DKK 7.468545
DOP 74.266769
DZD 153.602363
EGP 55.650127
ERN 17.749427
ETB 182.951611
FJD 2.600706
FKP 0.866753
GBP 0.862563
GEL 3.189017
GGP 0.866753
GHS 12.920645
GIP 0.866753
GMD 86.380406
GNF 10347.516218
GTQ 9.046315
GYD 246.746002
HKD 9.247682
HNL 31.161624
HRK 7.533807
HTG 154.701538
HUF 380.912173
IDR 19848.593102
ILS 3.656778
IMP 0.866753
INR 107.051295
IQD 1545.02073
IRR 49846.309022
ISK 144.988891
JEP 0.866753
JMD 184.836398
JOD 0.838943
JPY 184.975657
KES 152.088635
KGS 103.479199
KHR 4758.75547
KMF 494.617247
KPW 1064.950559
KRW 1716.717192
KWD 0.36371
KYD 0.982882
KZT 591.302377
LAK 25369.011047
LBP 105616.640496
LKR 365.056007
LRD 219.367948
LSL 18.890578
LTL 3.493963
LVL 0.715764
LYD 7.456444
MAD 10.818702
MDL 19.972818
MGA 5227.115013
MKD 61.634227
MMK 2485.061759
MNT 4222.50488
MOP 9.491156
MRU 47.08365
MUR 54.289889
MVR 18.282221
MWK 2045.118755
MXN 20.373735
MYR 4.646762
MZN 75.435099
NAD 18.890658
NGN 1642.59147
NIO 43.406051
NOK 11.390362
NPR 170.501371
NZD 1.958797
OMR 0.454974
PAB 1.179398
PEN 3.970449
PGK 5.053182
PHP 69.762331
PKR 329.85297
PLN 4.224598
PYG 7824.662979
QAR 4.288619
RON 5.095033
RSD 117.375808
RUB 91.110678
RWF 1721.38402
SAR 4.437519
SBD 9.535112
SCR 16.849789
SDG 711.752142
SEK 10.5164
SGD 1.503181
SHP 0.887778
SLE 28.961135
SLL 24813.1071
SOS 672.923765
SRD 45.100704
STD 24491.820857
STN 24.515438
SVC 10.320106
SYP 13086.741503
SZL 18.897262
THB 37.358404
TJS 11.021528
TMT 4.153366
TND 3.410504
TOP 2.849091
TRY 51.487184
TTD 7.988761
TWD 37.331541
TZS 3054.72387
UAH 51.040817
UGX 4204.487829
USD 1.183295
UYU 45.426495
UZS 14438.543402
VES 439.760484
VND 30762.716058
VUV 141.448244
WST 3.226037
XAF 656.370341
XAG 0.013535
XAU 0.000234
XCD 3.197915
XCG 2.125567
XDR 0.816286
XOF 656.34814
XPF 119.331742
YER 282.067981
ZAR 18.847602
ZMK 10651.062831
ZMW 23.145793
ZWL 381.02056
  • SCS

    0.0200

    16.14

    +0.12%

  • RBGPF

    -2.1000

    82.1

    -2.56%

  • RYCEF

    0.2600

    16.93

    +1.54%

  • NGG

    1.6200

    86.23

    +1.88%

  • BCC

    3.1800

    84.93

    +3.74%

  • CMSD

    -0.1400

    23.94

    -0.58%

  • RIO

    3.8500

    96.37

    +4%

  • GSK

    0.8700

    53.34

    +1.63%

  • CMSC

    -0.0900

    23.66

    -0.38%

  • JRI

    -0.0300

    13.12

    -0.23%

  • BCE

    0.2700

    26.1

    +1.03%

  • RELX

    -5.0200

    30.51

    -16.45%

  • AZN

    -4.0900

    184.32

    -2.22%

  • VOD

    0.3400

    15.25

    +2.23%

  • BTI

    0.8800

    61.87

    +1.42%

  • BP

    1.1200

    38.82

    +2.89%

BRICS' criticism brings Trump 10% tariff threat
BRICS' criticism brings Trump 10% tariff threat / Photo: Pablo PORCIUNCULA - AFP

BRICS' criticism brings Trump 10% tariff threat

US President Donald Trump threatened China, India, and some of the world's fastest-emerging economies with higher import tariffs, hitting back at BRICS' criticism of his trade policies as the bloc meets Monday.

Text size:

The 11-nation grouping -- which also includes US allies Brazil, Saudi Arabia, and Indonesia -- is concluding a two-day summit in Rio de Janeiro.

On Sunday, BRICS leaders described Trump's stop-start tariff wars as "indiscriminate", damaging, and illegal, drawing a quick rebuke from the pugilistic US president.

"Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy," Trump wrote on social media.

BRICS members account for about half the world's population and 40 percent of global economic output.

Conceived two decades ago as a forum for fast-growing economies, the BRICS have come to be seen as a Chinese-driven counterbalance to US influence.

But it is an expanding and often divergent grouping -- bringing together arch US foes like Iran and Russia, with some of Washington's closest allies in Latin America, the Middle East, Africa, and Asia.

Some US allies inside the bloc had tried to blunt criticism by not mentioning Trump by name in their summit statement.

Saudi Arabia -- one of the world's biggest purchasers of US high-tech weapons -- even kept its foreign minister away from Sunday's talks and a BRICS "family photo" of leaders, seemingly to avoid Washington's ire.

But such diplomatic gestures were lost on the US president.

In April, Trump threatened a slew of punitive duties, before backing off in the face of a fierce market sell-off.

Now he is threatening to impose unilateral levies on trading partners unless they reach "deals" by August 1, with BRICS nations seemingly getting higher tariffs than planned.

It cannot have helped that BRICS leaders also condemned the recent US and Israeli bombing of Iran's nuclear facilities -- a show of solidarity with fellow member Iran.

Beijing on Monday insisted BRICS was not seeking confrontation with the United States.

"China has repeatedly stated its position that trade and tariff wars have no winners and protectionism offers no way forward," foreign ministry spokeswoman Mao Ning said.

Beijing also defended the bloc as "an important platform for cooperation between emerging markets and developing countries".

"It advocates openness, inclusivity, and win-win cooperation," Mao said. "It does not engage in camp confrontation and is not targeted at any country," she said.

The political punch of this year's summit has been depleted by the absence of China's Xi Jinping, who skipped the meeting for the first time in his 12 years as president.

The Chinese leader is not the only notable absentee. Russian President Vladimir Putin, charged with war crimes in Ukraine, also opted to stay away, participating via video link.

He told counterparts that BRICS had become a key player in global governance.

R.El-Zarouni--DT