Trump Administration Delays Global Tariffs to August 1 Amid BRICS Tensions

President Trump has delayed the implementation of his new global tariffs to August 1, extending the original July 9 deadline to allow more time for trade negotiations with multiple countries, including India. The administration will begin sending letters to trading partners this week to inform them of the tariff rates they will face if no agreements are reached, with some letters potentially announcing finalized deals. Trump has imposed a base tariff of 10% on most trading partners, with additional higher tariffs targeting countries with large U.S. trade deficits, including a 145% hike on China. The president also announced a 10% additional tariff on countries aligning with what he terms the “anti-American policies of BRICS,” a move criticized by BRICS leaders as protectionist and WTO-violating. Treasury Secretary Scott Bessent emphasized that if countries do not expedite negotiations, tariffs will revert to rates set in April 2025, signaling a firm timeline to conclude agreements. Despite some progress with the United Kingdom, China, and Vietnam, key negotiations, such as those with India, remain unresolved on specific trade issues like agriculture and dairy products.