Part 7/10:
The U.S. government, meanwhile, prepares to resume the tariffs that were temporarily suspended in April, with formal notices expected to go out shortly. As promised, the U.S. Treasury Secretary Scott Bessant noted that new proposals from trading partners are arriving, indicating some willingness to negotiate, but warned that if no agreements are reached by August 1st, tariffs will be reinstated.
Trump responded to the BRICS declaration by issuing an onslaught of new threats—specifically warning that countries cooperating with BRICS could face additional tariffs up to 10%. He further hinted at possible punitive measures, like tariffs up to 100%, if BRICS members take coordinated steps to undermine the US dollar—a move that could trigger economic chaos and retaliation.