The gloves are off, and it’s officially BRICS vs the US in the trade wars ignited by President Donald Trump. India was first slapped with 25% tariffs, and Trump increased it to 50% on Wednesday. The 50% tariffs were also imposed on Brazil, leaving the alliance reeling on what steps to take next.
Trump has systematically targeted the bloc one-by-one citing their procurement of Russian crude oil as the main reason. India and Brazil have been buying Russian oil at discounted prices due to the sanctions. In this article, we will highlight the tariffs imposed by Trump in the ongoing BRICS vs US trade war.
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Tariffs, Powerplay, and Trade Wars: It’s Officially the US vs BRICS
- Brazil
BRICS vs US began on Liberation Day and has only intensified since then. Brazil is among the countries with the highest tariffs, with 50% duties being charged on the movement of goods. President Lula da Silva said that he will not talk to Trump but will discuss with other BRICS countries and provide a joint statement on US policies.
- Russia
Russia is among the only countries exempted from tariffs, and the White House justified the move, citing that sanctions already exist. The country has also been reeling under tough sanctions and is struggling to sell its goods in the international markets. This made Russia pioneer the de-dollarization agenda, making it BRICS vs the US.
- India
Trump previously hailed India a “good friend,” but imposed 50% tariffs on them. The President is unhappy with India procuring their crude oil at discounted rates. Trump wants to close the gap on the Russian economy and is taking other countries to task. Also, India was the only country that supported the US policies, giving a cold shoulder to BRICS.
- China
China was among the first countries to be hit by tariffs, and it started on Liberation Day. The Xi Jinping administration imposed retaliatory tariffs and even reached a peak of 145%. Since then, tariffs on China have been reduced to 30%. Moreover, China made the BRICS alliance band together against the US by allowing free access to their markets.
- South Africa
South Africa is hit by 30% tariffs, and Trump accused President Cyril Ramaphosa of discriminating against its white minority. The US also welcomed several white African refugees who claimed to be fleeing “white genocide”.