Over the weekend, Treasury Secretary Scott Bessent announced that the resumption of President Trump’s reciprocal tariffs would be pushed back to August 1 from the initial date of July 9. Offsetting this news was a new tariff threat from Trump.
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New trading tool for QQQ bulls“Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff,” said Trump on Truth Social. “There will be no exceptions to this policy.”
Trump Takes Aim at BRICS
Representatives from BRICS, which includes China, India, and Russia, held the first day of a summit on Sunday. The group released a joint statement detailing the negative effects of tariffs, which likely influenced Trump’s tariff threat.
Trump may be concerned that the countries within BRICS could challenge America’s global dominance. This could include a lower reliance on the U.S. dollar for trade and a threat to the dollar’s status as the world’s reserve currency.
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