Trump reiterates BRICS tariff threat as critical deadlines loom

By Al Mayadeen English
Source: Agencies
31 Jan 2025 10:22

With less than 24 hours until Trump’s tariff deadline on Canada, Mexico, and China, the global economy braces for impact.

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President Donald Trump listens to a question as he signs executive orders in the Oval Office at the White House, on January 30, 2025, in Washington. (AP)

US President Donald Trump reiterated on Thursday threats to impose 100 percent tariffs on BRICS nations, as the deadline for him to impose tariffs on Canada and Mexico looms.

He had previously threatened 100% tariffs on the BRICS nations—a group comprising Brazil, Russia, India, China, and South Africa—if they created a rival to the US dollar, a stance he reinforced on Thursday night.

He posted on his Truth Social platform; "The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER."

"We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs," he continued.

Trump's comments came just days before a February 1 deadline he set early in his presidency, warning he would impose 25% tariffs on Canada and Mexico unless they took action to curb illegal migration across the US border and the flow of deadly fentanyl.

He also threatened China, a member of the BRICS bloc, with an additional 10% levy on goods starting February 1, citing a trade imbalance and its alleged involvement in the US fentanyl supply.

Trump undecided on Canada, Mexico oil tariffs

Meanwhile, Trump stated on Thursday that he would soon determine whether to exempt Canadian and Mexican oil imports from the 25% tariffs he plans to impose on the countries' products this Saturday.

"We may or may not. We're going to make that determination probably tonight," Trump said regarding the potential tariffs on Canadian and Mexican oil. He further explained that the decision would partly depend on prices and whether the two countries "treat us properly."

Trump's deadline on imports from Mexico and Canada is allegedly aimed at pressuring the two largest US trading partners into taking action to stop illegal migrants and fentanyl shipments from crossing into the US.

He also mentioned that he was still considering new tariffs on Chinese goods, pointing to the country's involvement in the fentanyl trade. He has threatened a 10% duty on all Chinese goods, following the imposition of punitive tariffs on about $370 billion worth of Chinese imports during his first term.

Trump told reporters, "With China, I'm also thinking about something because they're sending fentanyl into our country and because of that they're causing us hundreds of thousands of deaths, so China is going to end up paying a tariff also for that and we're in the process of doing that."

"We'll make a determination on what it's going to be, but China has to stop sending fentanyl into our country and killing our people."