JOHANNESBURG - US President Donald Trump has come up with a whole new policy regarding tariffs.
He said in a post on truth social that the US would impose an additional 10% tariff on any countries aligning themselves with the BRICS group of nations and what he calls its Anti American policies.
President Cyril Ramaphosa is among leaders attending the BRICS summit that kicked off in Brazil yesterday.
READ | Trump steps up pressure for deals as US tariff deadline nears
South Africa is already facing tariffs of up to 30% on exports to the US if a deal is not struck.
Trump’s deadline arrives in two days time.
The US President announced retaliatory tariffs earlier in the year but then said they were suspended for most countries until 9 July.
In the meantime several nations have signed trade deals with America which reduces their tariffs in relation to those first announced, but there’s been no news of such a deal with South Africa.
- Head of XA Global Trade Advisors, Donald Mackay and business leader Cas Coovadia spoke to eNCA on this matter