Trump tariffs live: US President threatens BRICS with extra 10% levy
U.S. President Donald Trump said on Sunday his administration is close to finalizing several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9. Those rates are scheduled to take effect on August 1, he said.
He also said the U.S. will impose an additional 10% tariff on any countries aligning themselves with the policies of the BRICS group of nations.
In a joint statement from the opening of a BRICS summit in Rio de Janeiro released on Sunday afternoon, the group warned the rise in tariffs threatened global trade, continuing its veiled criticism of Trump's tariff policies.
Hours later, Trump warned he would punish countries seeking to join with the grouping.
Trump said in a post on Truth Social:
Trump did not clarify or expand on the "Anti-American policies" reference in his post.
In opening remarks to the summit earlier, Brazil's President Luiz Inacio Lula da Silva drew a parallel with the Cold War's Non-Aligned Movement, a group of developing nations that resisted joining either side of a polarized global order.
"BRICS is the heir to the Non-Aligned Movement," Lula told leaders. "With multilateralism under attack, our autonomy is in check once again."
With forums such as the G7 and G20 groups of major economies hamstrung by divisions and the disruptive"America First" approach of the U.S. president, the BRICS is presenting itself as a haven for multilateral diplomacy amid violent conflicts and trade wars.
Stay with us for the latest developments as we get them.
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