Former US President Donald Trump has announced plans to impose a 10% tariff on countries supporting BRICS' anti-American policies. This announcement coincides with the expiration of a previous tariff moratorium.
Trump's Threat to BRICS Countries
Donald Trump threatened to impose an additional 10% tariff on countries aligning with BRICS. "Any country aligning themselves with the anti-American policies of BRICS, will be charged an additional 10% tariff. There will be no exceptions to this policy," said Trump.
Impact of Tariffs on Global Markets
These tariffs may influence global markets, particularly nations with strong trade ties to the US. Indirect effects on cryptocurrencies are expected if relations deteriorate. Financial markets could experience heightened volatility, along with potential impacts on USD-centric stablecoins.
Comparison to 2018-2019 Tariff Wars
The current situation mirrors Trump's tariff escalations from 2018 to 2019, which led to increased market volatility. During those times, cryptocurrencies often served as alternative investments. Future outcomes may see observable shifts in cryptocurrency markets as dollar alternatives gain traction amid escalating tensions with BRICS.
Trump's proposed tariffs could significantly impact trade policy and economic relations between the US and BRICS nations, as well as global financial markets.
