Donald Trump threatens BRICS to extend customs duties “by 100%” | EUROtoday
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Ifinancial incident. “We demand that these countries commit not to create a new BRICS currency, nor to support another currency to replace the powerful American dollar,” declared the American president-elect on his Truth Social community, “failing “these countries – including Brazil, Russia, India, China and South Africa – will be subject to 100% tariffs and will have to expect to say goodbye to their sales in the wonderful American economy. »
This new tension comes as fears intensify around the subject of customs duties on products entering the United States, potentially exorbitant in particular for Brazil, China and Canada, if Donald Trump implements the threat he formulated start of the week to execution.
Leading trio
Monday, November 25, the president-elect said he wanted to impose customs duties of 25% on all products imported into the United States on Mexico and Canada, an announcement that shook the two countries and raised fears of a vast trade war. . It was probably in an attempt to avoid such economic hostilities that Justin Trudeau made a surprise trip to West Palm Beach on Friday to meet in person the next American president, who will take over the White House on January 20.
The two men had dinner together Friday evening at Mar-a-Lago, the billionaire’s residence. A photograph published by Pennsylvania Senator-elect David McCormick shows them side by side, surrounded by a dozen guests including Howard Lutnick, chosen by Donald Trump to be Commerce Secretary, and Mike Waltz, named national security adviser to the White House. “It was an excellent conversation,” Justin Trudeau briefly instructed the press on Saturday morning as he left his resort to return to Canada.
Concerning China, Donald Trump has promised customs duties of as much as 60% for sure merchandise, and even 200% on imports of autos assembled in Mexico. He additionally needs to reintroduce customs duties of 10 to twenty% on all merchandise getting into the United States and the European Union has already stated it’s “ready to react” within the occasion of recent commerce tensions. Economists warn of the inflationary potential of such a rise in customs duties.
It does not break “BRICS”
The BRICS group wishes to reduce Western domination in a world that it sees as “multipolar”. In the financial field, this group has considered ways of doing without the dollar, which serves as the reference currency for global trade. These countries have notably considered creating their own common currency. But this project is still very far from being completed.
To Discover
Kangaroo of the day
Answer
During the BRICS summit in Kazan (Russia) on the finish of October, Russian President Vladimir Putin stated he was giving up, at this stage, on the creation of a single frequent foreign money, judging that this concept was “not yet mature”.
After his election towards Kamala Harris in early November, Donald Trump is because of take workplace on January 20 on the White House. But the president-elect is already rising threats of accelerating customs duties towards totally different international locations, elevating fears of an unlimited commerce conflict able to penalizing international progress. The Republican billionaire makes use of it specifically as a software of diplomatic strain.
https://www.lepoint.fr/monde/donald-trump-menace-les-brics-d-augmenter-les-droits-de-douane-de-100–30-11-2024-2576783_24.php