Trump threatens extra 10% tariffs on BRICS as leaders meet in Brazil

US President Donald Trump announced on Truth Social that any country aligning itself with the “anti-American policies” of the BRICS bloc will face an additional 10% tariff, with “no exceptions”. 

The announcement came as BRICS leaders including India’s Narendra Modi, South Africa’s Cyril Ramaphosa, and Brazil’s Luiz Inácio Lula da Silva,gathered in Rio de Janeiro.

Trump did not specify which policies are considered “anti-American” but said “tariff letters and/or deals” would start being delivered by July 9, with rates rolling out on August 1, potentially scaling up to a 70% tariff for non-compliant nations. US stock futures dipped and the dollar strengthened as markets reacted to the threat.

BRICS leaders criticized rising protectionism in their summit declaration, warning that unilateral tariff measures distort global trade and contravene WTO rules.