BRICS, Donald Trump and tariff
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U.S. President Donald Trump hinted that he is close to reaching a deal with India after announcing new reciprocal tariffs on 14 countries, including Japan and South Korea, among others. However, as India is a member of BRICS,
President Trump defended former Brazilian President Jair Bolsonaro, who is accused of plotting an attempted coup following his loss in the 2022 election.
U.S. President Donald Trump broadened his global trade war on Tuesday as he announced a 50% tariff on imported copper and said long-threatened levies on semiconductors and pharmaceuticals were coming soon.
Trump and his aides have repeatedly shifted their stance on tariffs in the weeks since the president’s “Liberation Day” announcement.
On “Liberation Day” on April 2, Donald Trump gushed about how trade was finally going to tilt in America’s favor after decades of its workers and companies being “plundered.” For the president, unfettered tariffs would soon make the US “an entirely different country.
The Indian rupee slumped on Monday as uncertainty about U.S. tariff policies resurfaced with President Donald Trump's threat of a fresh 10% levy on BRICS countries compounding pressure on the local currency alongside peers like South African rand and Chinese yuan.