00:00First of all, are President Trump's tariffs pushing rivals India and China closer together
00:06as the BRICS countries appear to be hardest hit?
00:10Good morning, Glenn. First of all, in fact, President Trump implemented sweeping new tariffs
00:20on August 7th, and this has really hit around 60 countries. In some of them, the tariffs
00:29reached 100%. The most complex, you know, tariff hit was on India. As we may have heard, India's
00:40initial tariffs were around 25%, and now they are moving to 50%. Is this just a tariff increase
00:49or it's maybe also some political, you know, constraint or pressure on India to stop maybe
01:02using Iranian oil indirectly? That's a very important question that we need to ask. So today, tariffs
01:11are not only to bring money or to bring funds or additional income to the US, but also they
01:19are used to pressure other countries towards, you know, a US domination. That's why there
01:28are many reactions that are happening today across the globe. We can see China reaction,
01:35we can see India. The European Union is still mitigating its reaction, although some countries
01:41inside the EU are reading their voice saying that's not acceptable and not fair to the EU commerce
01:48and trade. But the most important one and most important part of the impact of this are the
01:55BRICS countries, that means Brazil, Russia, China, South Africa and India, who are moving towards a
02:02cohesion, further cohesion between the country and very importantly, and very dangerously, a de-dollarisation
02:11approach by increasing their own SWIFT software to replace the international SWIFT system of financial
02:20transactions. And of course, by increasing and creating new trade areas between them outside the US influence.
02:30So this is becoming very dangerous across the globe, where we have a polarisation in the globe, the way it was during the Cold War, from one side, you know, China, the BRICS and Russia, from the other side, the US, and the EU is in the middle.
02:54It's not anymore, like during the Cold War, on the side of the US. So it's creating, if you want, a three-party, not a bipolar, a three-party approach across the globe, where things are moving towards further instability across trades, across the markets, and across inflation and interest rates.
