Trying to impose restrictions on third party exports of goods from China to the USA comes with its own challenges that include the high cost of identifying the origin of the goods and possible opposition and retaliation from Chinese funded overseas investment enterprises.
During the US election campaign president-elect Donald Trump promised to increase trade sanctions against China by cancelling its permanent normal trade relations or most favoured nation status.
Any tariff increases on China, or the BRICS+ will raise the inflation expectations in the USA. The biggest challenge that will confront the incoming Trump administration is that protectionism and going against the World Trade Organization rules will inevitably lead to limiting the development of global supply chains.
As for the potential of a future USA tariff or sanction imposition on the BRICS+ it is always important to note that the US has a $433.5 billion trade deficit with the BRICS+ while none of the BRICS+ partners or candidate nations have significant trade deficits with the US, with Vietnam already posting a $104.62 billion surplus in 2023.
The decline was matched by an increase in reserves of nontraditional currencies and gold bullion. China’s Renminbi was a one of the nontraditional currencies that matched a quarter of the US$ decline in the reserves of central banks. The BRICS+ countries have been using their own currencies in global payments and using Over the Counter foreign exchange derivatives.
Jaya Josie China South Africa Brics Africa Donald Trump Iran Biden Russia Bureau Of Industry And Security Democratic Party India Brazil Global South Communist Party Of China World Trade Organization Trumps University Of Venda Vietnam Kazan Brics+ Summit Kazakhstan Kazan Saudi Arabia Polit Bureau Foreign Exchange Reserves United Arab Emirates Ethiopia Egypt South African Department Of International Relation Dirco Counter Belarus Uzbekistan Uganda Bolivia Turkey Cuba Thailand Nigeria Indonesia Malaysia International Monetary Fund Independent Media Cofer Pan African Payment System Sub-Saharan Africa University Of The Western Cape Otc Algeria Renminbi Pound Sterling Euro Yen Swift Paps Zibs Zhejiang University International Business School Uwc Iol African Continental Free Trade Area
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