‘Any country aligning themselves…': Trump threatens 10% tariffs on ‘Anti-American policies of BRICS'
"Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!" Trump said in a post on Truth Social. Donald Trump's post on Truth Social.
Trump did not clarify or expand on the 'Anti-American policies' reference in his post.
The original BRICS group gathered leaders from Brazil, Russia, India and China at its first summit in 2009. The bloc later added South Africa and last year included Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates and Indonesia as members.
(This is a breaking news)
(With inputs from Bloomberg)
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United News of India
31 minutes ago
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Trump threatens to slap 10 pec additional tariffs on BRICS countries for ‘Anti American' policies
Washington, July 7 (UNI) US President Donald Trump has threatened to slap an additional 10% trade tariffs which supported the alleged 'Anti-American' policies of BRICS nations. "Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy," Trump said on Truth Social. The international multilateral bloc which was founded by Brazil, Russia, India, China, and South Africa as an alternative platform to challenge Western hegemony and promote the voices of developing countries, has long been criticised by the US President. BRICS has been viewed as a favourable bloc by many countries who have expressed their wish to join, and last year expanded to include Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates, with Vietnam becoming a partner nation this year. Trump's comments came the bloc's members criticised the US tariff policies as well as proposing reforms to the International Monetary Fund (IMF) and how major currencies are valued, reports BBC. BRICS countries, who started a meeting in Rio de Janeiro this weekend, have called for reforms to global institutions and positioned the alliance as a platform for diplomacy amid escalating trade conflicts and geopolitical tensions. A joint statement by the bloc's Finance Ministers slammed the tariffs, labelling them as a threat to the global economy, and accused it of bringing "uncertainty into international economic and trade activities". The leaders also condemned the military strikes on Iran in June, criticising the attacks as a violation of international law. The summit was attended in person by world leaders, including Prime Minister Narendra Modi and South African President Cyril Ramaphosa. Russian President Vladmir Putin attended it online, while China was represented by Premier Li Qiang who stood in President Xi Jinping. UNI ANV GNK 1240
The Wire
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Modi will find it difficult to commit to a trade deal with a maverick and unpredictable US President without exposing himself to criticism at home. Anybody who knows anything about the way politics works in this country would have known that US president Donald Trump's 9 July deadline for a US –India free trade agreement was unrealistic. While Union commerce minister Piyush Goyal and his officials have logged many flying miles travelling between New Delhi and Washington DC, it was only inevitable that in the end Mr. Goyal would say that India does not make trade deals based on deadlines. It would do so only on the basis of the national interest. While a deal may yet be struck at the eleventh hour and Mr. Goyal's tactics may pay off, it will be a politically risky gamble given that the Monsoon Session of Parliament is just two weeks away. Prime Minister Narendra Modi will find it difficult to commit to a trade deal with a maverick and unpredictable US president without exposing himself to criticism at home. While President Trump has promised a 'win-win' deal, he is now known to interpret every deal as a win for his 'America First' strategy. However balanced a trade deal might be between India and the US, in the competition between Mr. Trump's 'America First' and Mr. Modi's 'India First', the political Opposition in India would have enough to go to town accusing the Modi government of once again 'surrendering' to President Trump's diktat. Just as the BJP opposed trade deals signed by the Manmohan Singh government, the Congress and Left parties would oppose whatever deal India strikes with the United States, especially in the present context. The context is important. The Modi government is still pushing back on criticism that it agreed to a ceasefire with Pakistan under pressure from President Trump. 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India Gazette
32 minutes ago
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Nifty, Sensex open flat; experts note tariff deadline may be extended till August
Mumbai (Maharashtra) [India], July 7 (ANI): Indian stock markets opened flat on Monday as investors stayed cautious ahead of the US tariff deadline. Uncertainty around US President Donald Trump's next move on trade policy has kept global investors on edge, with markets reacting to developments around the July 9 deadline. The Nifty 50 index opened at 25,439.40, showing almost no change, while the BSE Sensex was also trading flat at 83,371.63, down by 61.26 points or 0.07 per cent. Market expert Ajay Bagga told ANI that President Trump is now likely to focus more on tariffs and trade. He said, 'Big picture for this week and July is that Trump's focus moves back to tariffs and trade. Trump has triumphed in getting his 'One Big Beautiful' tax and spending bill passed by the US Congress. Now he will focus on tariffs. There is constant news flow on this front and we expect many reversals.' According to Bagga, the action plan from the US appears to be the imposition of a 10 per cent universal tariff on imports from over 100 countries starting August 1. Meanwhile, the US is expected to pressure its top 12 trading partners to sign trade deals before that date by threatening higher tariffs. Speaking about India, Bagga added, 'What seems to be the action plan is first, over 100 countries will get letters levying 10 per cent universal tariffs as of August 1st on their imports into the US. Second, the major top 12 trading partners will be pressured into signing deals with the Trump administration before August 1st, with threats of higher tariffs. What about India? We have time till August 1st now, so there is a few week time to negotiate further.' He also mentioned that items like steel, aluminium, autos, and auto parts already face higher sectoral levies ranging from 25 per cent to 50 per cent since April 2025. Countries like the EU, Japan, South Korea, and India are standing firm in their trade talks with the US. In the broader markets, the Nifty Midcap 100 slipped slightly by 0.06 per cent, and the Nifty Smallcap 100 also remained in the red with a marginal decline of 0.04 per cent. Among sectoral indices on the NSE, most sectors were in the red. Nifty Media fell 0.76 per cent, while Nifty IT declined by 0.49 per cent. However, a few sectors showed strength. Nifty FMCG, Nifty PSU Bank, and Nifty Realty were trading in the green at the time of filing this report. The market is expected to remain volatile as investors track ongoing global developments. Sunil Gurjar, SEBI-registered research analyst and founder of Alphamojo Financial Services, said, 'The Indian market is currently in a 'wait-and-watch' phase as investors pause ahead of new developments. A breakout above the 26,364 resistance level would signal a continuation of the uptrend.' He added that Nifty continues to look positive from a technical perspective, as it is trading above all key moving averages, which indicates the possibility of further upward movement in the market. (ANI)
