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Investing.com -- The Trump administration will not immediately impose a new 10% tariff on members of the developing nation BRICS bloc, but will proceed if countries take "anti-American" policy actions, according to a report from Reuters, citing a source familiar with the matter.
President Donald Trump announced on Sunday that the United States would impose an additional 10% tariff on countries aligning themselves with what he called "anti-American policies" of the BRICS group, which prompted strong denials from BRICS members that they were oriented against the United States.
"A line is being drawn. If policy decisions are made that are anti-American, then the tariff will be charged," said the source, who requested anonymity because they are not authorized to speak on the matter.
The White House has not yet released an executive order regarding these potential tariffs.
Trump made his announcement on his Truth Social media platform as India, Indonesia and other BRICS countries were negotiating last-minute trade deals with the U.S. government. These negotiations were taking place ahead of a July 9 deadline when tariff rates had been scheduled to increase. That effective date for those tariffs has now been postponed until August 1.
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