The clock is ticking down on a deadline for countries around the world to conclude deals with the US after Trump unleashed a global trade war that has roiled financial markets and sent policymakers scrambling to protect their economies.
TRUMP TOUTS TARIFF PROGRESSAs he keeps much of the world guessing, Trump on Sunday said the U.S. was close to finalising several trade pacts in coming days and would notify other countries by July 9 of higher tariff rates. He said they would not take effect until August 1, a three-week reprieve.
He also put members of the developing nations’ BRICS group in his sights as its leaders met in Brazil, threatening an additional 10% tariff on any countries aligning themselves with the “anti-American” policies.
The BRICS group comprises Brazil, Russia, India and China and South Africa along with recent joiners Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates.
The EU has been torn over whether to push for a quick and light trade deal or back its own economic clout in trying to negotiate a better outcome. It had already dropped hopes for a comprehensive trade agreement before the July deadline.
“We want to reach a deal with the U.S. We want to avoid tariffs,” the spokesperson told reporters at a daily briefing. “We want to achieve win-win outcomes, not lose-lose outcomes.”
IN TRADE DEALS, ’TIME IS MONEY’
Without a preliminary agreement, broad U.S. tariffs on most imports would rise from their current 10% to the rates set out by Trump on April 2. In the EU’s case that would be 20%.
Von der Leyen also held talks with the leaders of Germany, France and Italy at the weekend, Germany said. German Chancellor Friedrich Merz has repeatedly stressed the need for a quick deal to protect industries vulnerable to tariffs ranging from cars to pharmaceuticals.
“Time is money in the truest sense of the word,” the German spokesperson told reporters in Berlin.
“In this respect, we should give ourselves another 24 or 48 hours to come to a decision.”
Russia said the BRICS group had never tried to undermine other countries.
”It is very important to note here that the uniqueness of a group like BRICS is that it is a group of countries that share common approaches and a common world view on how to cooperate, based on their own interests,” said Kremlin spokesman Dmitry Peskov.
”And this cooperation within BRICS has never been and will never be directed against any third countries.”
