US President Donald Trump signed an executive order today postponing the entry into force of the so-called “reciprocal” tariffs that it intends to impose on a number of US trading partners by August 1, Reuters reported, quoted by BTA.
The previous deadline for completing trade negotiations on tariffs was to expire tomorrow.
The emerging economies of the BRICS rejected US President Donald Trump's accusations that they were “anti-American” during the union's summit, and Brazilian President Luiz Inacio Lula da Silva directly stated that the world does not need an emperor after the US leader threatened the bloc with new tariffs, Reuters reported, quoted by BTA.
“The world is changing. "We don't want an emperor," said Lula da Silva, when asked by journalists about Trump's threats.
"This is a group of countries that is looking for a different way to organize the world economically. I think that's why some people feel uncomfortable," the Brazilian president said.
Back in February, Trump first threatened to impose 100% tariffs on BRICS countries if they tried to undermine the role of the US dollar in global trade. The Brazilian presidency has already backed efforts to create a common currency, something that some members of the group had proposed last year.
Lula da Silva reiterated yesterday his view that world trade needs an alternative to the dollar.
“The world needs to find ways so that our trade relations do not have to go through the dollar,“ the Brazilian president told reporters at the end of the BRICS summit.
“Obviously we have to be responsible and do it carefully. Our central banks have to discuss it with the central banks of other countries. "It's a gradual process," he added.
Other BRICS countries have also spoken out against Trump's threats, but in a softer tone.
"Tariffs should not be used for coercion and pressure," said Chinese Foreign Ministry spokeswoman Mao Ning.
Kremlin spokesman Dmitry Peskov said Russia's cooperation with other BRICS countries was based on a "common vision of the world" and "will never be directed against third countries."