US President Donald Trump has announced on his platform, Truth Social, that the import tariffs for various countries will be announced by letter on Monday at noon local time (17:00 UK time).
Trump also threatens additional tariffs of 10 percent for countries that join the “anti-American policy” of BRICS.
BRICS is an economic cooperation organisation comprising Brazil, Russia, India, China, South Africa, and other countries, such as Indonesia, Iran, the UAE, Egypt, and Ethiopia. It is seen as a counterpart to the G7.
In April, Trump introduced various tariffs for different countries. He previously set a deadline of July 9 to reach an agreement on trade tariffs.
U.S. Commerce Secretary Howard Lutnick said the tariffs Trump announced Monday would go into effect Aug. 1. “Trump is now in the process of determining the level of the duties,” Lutnick told reporters.
