On July 6, US President Donald Trump announced on social media the imposition of an additional 10% tariff on countries supporting the BRICS anti-US policy.

Trump did not clarify the specific 'anti-US policy' he mentioned, only emphasizing that the decision to impose tariffs has no exceptions, drawing attention on the international stage.

MAIN CONTENT

  • President Trump announced an additional 10% tax on countries supporting BRICS against the US.

  • The new tax policy has no exceptions and was announced on the social media platform 'Real Social'.

  • No detailed explanation of the definition of 'anti-US policy' has been provided by US leaders.

What is the new tax policy announced by the President of the United States concerning the BRICS group?

Information from the 'Real Social' platform posted by President Donald Trump on July 6, 2024, indicates that the US will impose an additional 10% tax on any country that sides with BRICS against the US. This is a direct statement affirming the US's tough stance in foreign trade policy.

This content reflects the US's efforts to exert economic pressure on BRICS economies, according to an official statement from the White House through the President's social media account. This policy imposes strict tariff barriers, with no exceptions.

The significance and impact of imposing additional tariffs on the international market

Imposing an additional 10% customs tax may escalate trade tensions globally, affecting trade flows between the US and BRICS countries – a group that includes Brazil, Russia, India, China, and South Africa.

Economist Nguyen Minh Quang commented that this move not only affects imports and exports but may also push BRICS countries to further strengthen bilateral economic ties to reduce dependence on the US.

The US will not relent in opposing policies it deems a threat to national interests, as clearly evidenced by the imposition of new tariffs, 'this is to demonstrate the strength and determination to protect the US economy against trade threats,' according to John Keller, an economic policy analyst, July 2024.

John Keller, Economist, 7/2024

BRICS and the response to the US tax policy

BRICS is at the center of new trade tensions following the tax announcement from the US. This group is pursuing a policy of strengthening independent economic cooperation to mitigate impacts from external pressures, especially from sanctions or tariffs imposed by powers like the US.

According to the report from the Institute for International Economic Studies, BRICS countries have been and are intensifying the development of payment forms that do not use USD, thereby enhancing resilience to economic sanctions.

How BRICS responds to the new tax policy from the US

BRICS members plan to expand intra-block trade and develop diverse financial channels such as using currencies and independent credit institutions to minimize risks from tariffs and economic pressure from the US.

This action underscores the importance of building a sustainable and independent economic ecosystem, as well as the need for flexible responses to changes in international policy.

How might the 10% tax policy affect US-BRICS relations?

This policy is seen as a move to tighten US control over BRICS countries, potentially leading to increased confrontation in global trade and political relations.

Traditional cooperative relationships are threatened, leading to a restructuring of new economic relationships that are more multilateral and multi-channel among economic powers.

The imposition of additional tariffs indicates that the US is pursuing a strategy of 'comprehensive competition' with major economies, not only through trade but also in political-economic aspects, according to an analysis from the Institute of International Relations, 6/2024.

Institute of International Relations, Report 6/2024

Recommendations for businesses and investors

For businesses and investors with economic ties to BRICS or the US, it is important to closely monitor developments in tariff policies and proactively adapt through market diversification and supply chain risk management.

Accurately capturing information, assessing trends, and proactively planning business will help optimize benefits and minimize negative impacts from new tax policies.

Frequently Asked Questions

  • Which countries are subject to the 10% tax policy?
    Applicable to countries that support BRICS' anti-US policy, with no exceptions.

  • How does President Trump explain the 'anti-US policy'?
    Mr. Trump did not provide detailed explanations regarding the content of the 'anti-US policy' in the statement.

  • What is the main impact of the additional tax?
    Increased economic pressure on BRICS countries, causing international trade tension.

  • How will BRICS respond to this move?
    Strengthening intra-bloc ties and seeking alternative financial mechanisms to the USD.

  • What should be done to mitigate the tax impact on businesses?
    Businesses should diversify markets and control supply chain risks.

Source: https://tintucbitcoin.com/trump-canh-bao-tang-thue-brics/

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