US President Donald Trump on Thursday rolled out plans for a reciprocal tariffs regime, as he threatened BRICS nations with 100% tariffs "if they want to play games with the dollar" in a dramatic escalation of an international trade war that that could hit both allies and competitors alike.
Speaking in the Oval Office, Trump said he had decided to impose the reciprocal duties, telling reporters that US allies were often "worse than our enemies" on trade. In this context, he singled out the European Union (EU) for being "absolutely brutal" in its trade ties with Washington.
Since taking office on January 20 for a second term, Trump announced a broad range of tariffs targeting some of the biggest US trading partners, arguing that they would help tackle unfair practices - and in some cases using the threats to influence policy.
Trump referred to tariffs as a way to raise revenue, remedy trade imbalances and pressure countries to act on US concerns. However, he acknowledged that prices in the US "could go up" due to tariffs, but expressed confidence that they would ultimately ease.
"If any trading gets through, it'll be 100% tariff, at least," he said in response to a question about the BRICS -- which groups Brazil, Russia, India, China and South Africa – setting up their own currency. He also criticised "certain areas of Europe" for a VAT tax of about 20%.
Trump said he wanted talks with Russia and China on a mutual reduction in military spending, adding that he supported moves toward denuclearisation, emphasising that there was no reason to build nuclear weapons.
Trump told reporters that his 75-day delay in enforcing a ban on the popular short-video app TikTok could be extended, adding that he still hoped to make a deal on TikTok to keep the app alive. He also said Taiwan had taken semiconductor chip business away from the US and that he wanted it back.
Outlining his vision for a shake-up in the world order, he said he would "love to have Russia return" to the Group of Seven (G7). "I think it was a mistake to throw him out" following its annexation of Ukraine's Crimea region in 2014, Trump said, referring to Russian President Vladimir Putin.
Trump had said on Wednesday he expected to meet Putin for Ukraine peace talks. Responding to a question, he elaborated that Ukraine would have a seat at the table during any peace negotiations with Russia over ending the war. "The war in Ukraine has to end."
Earlier, trump singed the proclamation to increase US tariffs to match the tax rates that other countries charge on imports.
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