Bloomberg Daybreak: Europe Edition Trump Threatens 10% BRICS Tariff , OPEC+ Oil Supply Surge, Business Sours On Labour
Trump's 10% Tariff Shock on BRICS Nations Sparks Global Trade Uncertainty
US President Donald Trump has announced plans to impose an additional 10% tariff on any country aligning with what he calls the "anti-American policies of BRICS," a group including Brazil, Russia, India, China, and South Africa.
This move comes as the US prepares to send tariff letters to dozens of countries, with a key deadline initially set for July 9 and tariffs going into effect on August 1. However, there may be some negotiation room as the government hints at possible extensions.
The announcement escalates global trade tensions, particularly as BRICS recently condemned US and Israeli attacks on Iran. The US is still negotiating trade deals with several partners, including India and countries in Southeast Asia, making this tariff threat a critical factor in upcoming trade negotiations.
The full implications remain unclear, especially how the tariffs will be applied and whether countries can negotiate beyond July 9, but the uncertainty has already impacted markets and global trade dynamics.
Trump's Tariff Threat on BRICS
- Donald Trump has threatened a 10% additional tariff on any country supporting the "anti-American policies of BRICS."
- This raises uncertainties as many BRICS nations challenge US interests and global trade dynamics.
Texas Flooding Tragedy
- Catastrophic flooding in Texas has caused at least 82 deaths, including 27 at a girls' summer camp.
- Rescue efforts continue amid fears of worsening conditions due to forecasted more rain.