“If any trading gets through, it’ll be 100% tariff, at least,” he said in response to a question about Brazil, Russia, India, and China setting up their own currency. Trump’s statement comes amidst rising tensions over international trade practices and his broader stance on tariffs.
Trump’s rhetoric around tariffs extends beyond BRICS and highlights a broader strategy to impose reciprocal tariffs on any nation that imposes duties on US imports.
Catch all the updates from PM Modi’s US visit here.
“Today is the big one: reciprocal tariffs,” Trump wrote on his social media platform in anticipation of the announcement. The move is part of Trump’s ongoing trade initiatives that aim to bolster US economic and national security by forcing foreign nations to adhere to fairer trade practices.
While the tariffs are not yet in effect, a White House official indicated that they could begin within weeks. The US administration is currently reviewing bilateral tariff and trade relationships to target what it calls the most “egregious” issues, including countries with the highest tariff rates and trade surpluses.
These tariffs would match or exceed the duty rates charged by other nations and would also address non-tariff trade barriers such as excessive regulations, value-added taxes, subsidies, and currency exchange rate policies that hinder the flow of US exports.
Trump’s decision to unveil the roadmap comes as part of a broader strategy to encourage negotiations with other nations to reduce trade barriers. “The president is more than happy to lower tariffs if countries want to lower tariffs,” a White House official said, though stressing that tariffs are not the primary issue in many trade disputes.
The tariffs would likely target major economies including China, Japan, South Korea, and the European Union, with the intention of avoiding a “one size fits all” approach. However, the possibility of a flat global tariff remains on the table.
ALSO READ: Trump unveils roadmap for reciprocal tariffs on US allies, competitors
