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Investing.com-- U.S. President Donald Trump said on Sunday evening countries that are aligned with the BRICS bloc will face an additional 10% tariff over their allegedly anti-American practices.
Trump also said that he will begin issuing letters to major economies outlining U.S. trade tariffs to “various countries” starting from 12:00 PM ET (16:00 GMT) from Monday, July 7.
On the BRICS tariff, Trump said “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,” in a post on Truth.Social.
Trump has repeatedly criticized the bloc, which consists of founding members Brazil, Russia, India, China, and South Africa, over its efforts to develop new trade alternatives to the United States.
At the heart of these efforts was an attempt to create a BRICS currency which could serve as an alternative to the U.S. dollar, although the bloc recently signaled that it has no such plans.
BRICS added Egypt, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates as full members in 2024.
The U.S. President’s comments come as the BRICS summit takes place in Brazil, where the bloc condemned an increase in trade tariffs and also criticized Washington’s attacks on Iran.
Trump’s comments come after the president seemingly postponed a July 9 deadline to impose trade tariffs to August 1. Trump had earlier set July 9 as a deadline for countries to reach trade deals with his administration, although only the UK, China, and Vietnam have so far clinched deals.