Trump’s tariff hike shakes Bangladesh’s garment sector
The Trump administration has slapped a 35 percent tariff on Bangladeshi garment exports, more than doubling the previous rate and jolting the country’s key export industry. Just as the sector was finding its footing after political unrest, the hike now threatens jobs and economic stability.
With the US being Bangladesh’s biggest export market, industry leaders called the move a serious setback. Dhaka is now looking to ease tensions by increasing imports of American goods like Boeing planes, wheat, and cotton, according to Firstpost.
US President Trump defended the decision, citing trade imbalances, and has warned other countries of similar tariffs unless they buy more from the US.
BRICS leaders reject Trump’s ‘anti-American’ label, push back on tariff threats
BRICS leaders on Monday dismissed US President Donald Trump’s claim that the bloc is “anti-American,” following his threat to impose fresh tariffs on member countries. Speaking at the conclusion of the BRICS summit in Rio de Janeiro, Brazilian President Luiz Inacio Lula da Silva stated, “The world doesn’t need an emperor,” and emphasized the bloc’s aim to reshape global trade dynamics, Firstpost reported.
Lula reiterated his stance against the overreliance on the US dollar in international trade, calling for responsible coordination between central banks to explore alternative systems. Trump had previously warned BRICS nations of potential 100 percent tariffs if efforts to weaken the dollar continued.
South African President Cyril Ramaphosa downplayed tensions, saying BRICS does not seek rivalry but cooperation. China also responded cautiously, with foreign ministry spokesperson Mao Ning stating that tariffs should not be used as pressure tools, and reaffirmed BRICS’ commitment to “win-win” collaboration, according to Firstpost.
Trump announces 25% tariffs on imports from Japan, South Korea
US President Donald Trump announced Monday that 25% tariffs will be imposed on imports from Japan and South Korea starting August 1.
In letters posted on Truth Social and addressed to the leaders of both nations, Trump stated that the tariffs are designed to address trade imbalances and will be distinct from existing sector-specific tariffs. He warned that any retaliatory actions will be countered with equivalent US tariff increases, Xinhua reported.
Trump stated that companies from Japan or South Korea may avoid the tariffs by shifting manufacturing to the United States, offering expedited clearances for such moves.
White House Press Secretary Karoline Leavitt confirmed that an executive order will extend the current pause on reciprocal tariffs until August 1. She added that similar notices would be sent to around a dozen other countries, according to Xinhua.
Trump warns Iran as nuclear tensions escalate
US President Donald Trump said Iran has refused nuclear inspections and continues to enrich uranium, warning that any attempt to restart its programme at new sites would be “a problem.” He will meet Israeli Prime Minister Benjamin Netanyahu on Monday to discuss Iran and a possible Gaza ceasefire, Al Jazeera reported.
The International Atomic Energy Agency (IAEA) confirmed the withdrawal of inspectors following joint US-Israeli attacks on Iranian nuclear sites. Iran denies wanting nuclear weapons, insisting that its program is civilian. However, the United States and Israel maintain that Tehran is working toward weaponization. Despite these accusations, neither US intelligence nor the IAEA have discovered substantial evidence of a nuclear weapons program. Talks about resuming inspections have stalled, according to Al Jazeera.
