
Trump says alignment with BRICS' ‘anti-American policies' to invite additional 10% tariffs
'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.
Trump did not clarify or expand on the 'Anti-American policies' reference in his post.
BRICS finance ministers make unified proposal for IMF reforms
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.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Business Recorder
an hour ago
- Business Recorder
PSX loses steam after record-setting rally, KSE-100 down 500 points
After days of bullish momentum, selling pressure was observed at the Pakistan Stock Exchange (PSX) as investors resorted to profit-taking amid uncertainty over US tariff hikes, with the benchmark KSE-100 Index losing over 500 points during the opening hours of trading on Tuesday. At 10:15am, the benchmark index was hovering at 132,868.89 level, a decrease of 501.25 points or 0.38%. Selling was witnessed in key sectors including automobile assemblers, commercial banks, cement, fertilizer, oil and gas exploration companies and power generation. Index-heavy stocks including HUBCO, MARI, OGDC, PSO, MCB, MEBL and UBL traded in the red. On Monday, PSX continued its record-breaking advance, as the market's bullish sentiment, buoyed by strong corporate earnings expectations, receding trade-related anxieties, and improved macroeconomic indicators. The benchmark KSE-100 Index surged by 1,421 points or 1.08% to close at an unprecedented 133,370 points. Globally, Asian stock markets took in stride the latest twist in US President Donald Trump's tariff roll-out on Tuesday, as the dollar held onto gains and oil retreated. Shares on Wall Street fell after Trump sent letters to 14 countries, including Japan and South Korea, unveiling sharply higher tariffs on imports into the United States, while also postponing their implementation to August 1. Japan's Nikkei stock gauge opened lower but then turned positive after Trump described that deadline as 'firm, but not 100% firm' and said tariffs may be adjusted for some countries. In April, Trump capped all of the so-called reciprocal tariffs with trading partners at 10% until July 9 to allow for negotiations. Only two agreements, with Britain and Vietnam, have been reached. In June, Washington and Beijing agreed on a framework covering tariff rates, restoring a fragile truce in their trade war. Tariffs on Japan and South Korea are now due to go up to 25% on August 1. Japanese Prime Minister Shigeru Ishiba called the hike deeply regrettable and said his nation would continue negotiations with the US. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2% in early trade. Japan's Nikkei stock index rose 0.4% while South Korea's KOSPI jumped 1.5%. This is an intra-day update


Business Recorder
an hour ago
- Business Recorder
Netanyahu nominates Trump for Nobel Peace Prize
WASHINGTON: Israeli Prime Minister Benjamin Netanyahu on Monday told President Donald Trump he had nominated him for the Nobel Peace Prize, handing Trump a nomination letter during a meeting at the White House. Netanyahu meets Trump at White House as Israel, Hamas discuss ceasefire Speaking to reporters at the beginning of their meeting, Netanyahu said Israel was working with the United States to find countries who would give Palestinians a better future.


Business Recorder
2 hours ago
- Business Recorder
Ringgit, rupiah weaken
BENGALURU: Currencies in emerging Asia dipped against the US dollar on Monday, while most regional stock indexes drifted further from their recent highs, as sparse details and confusion on US tariff deadlines and negotiations with major trading partners kept investors on edge. US President Donald Trump's threat of an extra 10% tariff on countries aligning with the 'anti-American policies' of the BRICS group, as well as sending letters to partners threatening about restoring April 2 tariffs exacerbated the risk-averse sentiment. BRICS is a group of emerging economies comprising Brazil, Russia, India and China, with Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates included as members last year. The Indian rupee hit a seven-session low on the day, while its Nifty 50 drifted lower. Thailand's baht slipped 0.7% to its weakest in four sessions, while South Korea's won, the Philippine peso, and the Malaysian ringgit hovered near multi-session lows. An MSCI index tracking emerging market currencies fell 0.3%. The US dollar index nudged higher to 97.219 in Asia afternoon trade, though it remained pinned around multi-year lows against the euro and the Swiss franc. Asian countries, heavily dependent on imports from China and US investments and businesses, are caught in an escalating trade war between the world's top two economies. They 'face an increasingly complex balancing act between maintaining US market access and Chinese investment flows, complicated by heavy dependence on Chinese intermediate goods and insufficient local supply chain alternatives,' analysts at Nomura wrote.