Trump vows extra 10 per cent tariff against countries 'aligning' with BRICS; bloc condemn 'indiscriminate' tariffs
The 11 emerging nations, including Brazil, Russia, India, China and South Africa account for about half the world's population and 40 percent of global economic output.
The bloc is divided about much, but found common cause when it comes to the mercurial US leader and his stop-start tariff wars -- even if it avoided naming him directly.
In an indirect swipe at the U.S., the group's declaration raised 'serious concerns' about the rise of tariffs which it said were 'inconsistent with WTO (World Trade Organization) rules.'
The BRICS added that those restrictions 'threaten reduce global trade, disrupt global supply chains, and introduce uncertainty.'
The group's declaration, which also took aim at Israel's military actions in the Middle East, also spared its member Russia from criticism and mentioned war-torn Ukraine just once.
The two-day summit was marked by the absences of two of its most powerful members. China's President Xi Jinping did not attend a BRICS summit for the first time since he became his country's leader in 2012.
Russian President Vladimir Putin, who spoke via videoconference, continues to mostly avoid traveling abroad due to an international arrest warrant issued after Russia invaded Ukraine.
Earlier, BRICS also offered symbolic backing to fellow member Iran, condemning a series of military strikes on nuclear and other targets carried out by Israel and the United States.
In his speech, Iran's Foreign Minister Araghchi told leaders he had pushed for every member of the United Nations to condemn Israel strongly. He added Israel and the U.S. should be accountable for rights violations. The Iranian foreign minister said the aftermath of the war 'will not be limited' to one country.
'The entire region and beyond will be damaged,' Araghchi said.
BRICS leaders also expressed 'grave concern' for the humanitarian situation in Gaza, called for the release of all hostages, a return to the negotiating table and reaffirmed their commitment to the two-state solution.
(With inputs from AP)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
25 minutes ago
- Indian Express
US Supreme Court clears way for Trump to pursue mass federal layoffs
The US Supreme Court on Tuesday cleared the way for President Donald Trump's administration to resume plans for mass government job firing and the sweeping downsizing of several federal agencies, a verdict which could lead to thousands of layoffs as critics warn it could also threaten critical government services. In a major victory for the US government, the Supreme Court on Tuesday lifted a lower court's order that had frozen sweeping federal layoffs known as 'reduction in force' which Trump had passed through an executive order in February, directing the agencies to prepare for mass layoffs. After Trump's order, the administration had come up with plans to reduce staff at the US Departments of Agriculture, Commerce, Health and Human Services, State, Treasury, Veterans Affairs and several other federal agencies. BREAKING: Supreme Court *allows* the Trump administration to implement large-scale layoffs across the federal government as litigation continues The order is 8-1, with Justice Jackson dissenting — Jacob Wheeler (@JWheelertv) July 8, 2025 The Supreme Court, in a brief unsigned order, stated that the Trump administration was 'likely to succeed' in its argument that the directives issued by the president were legally valid and well within his purview. The top court's verdict is the latest victory for the Trump administration which is making efforts to consolidate power in the executive branch. The US Supreme Court has sided with the Trump administration in multiple cases on an emergency expedited basis since the republican leader returned to power in January, including clearing the way for implementation of immigration policies. Earlier in May, San Francisco-based US District Judge Susan Illston had temporarily blocked the large-scale federal layoffs and ruled that President Trump exceeded his power in ordering the government downsizing without prior consultation with the Congress. The decision by the Supreme Court on Tuesday cleared a major obstacle for the White House which meant that the court wasn't assessing the legality of any specific layoff plans at federal agencies. White House spokesperson Harrison Fields welcomed the apex court's verdict and called it a 'definitive victory for the president and his administration'. (with inputs from Reuters)
Time of India
26 minutes ago
- Time of India
Copper surges to record as Trump seeks 50% tariff
Representative image Copper futures on the Comex surged as much as 17% after US President Donald Trump said he planned to implement a 50% tariff on imports of the metal. Futures rose to $5.9 a pound as of 1pm in New York, a record. "I believe the tariff on copper we're going to make it 50%," Trump said when asked by a reporter what the rate on those products would be. Trump said he planned to implement the copper levy as part of a set of looming sectoral tariffs. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Economic Times
26 minutes ago
- Economic Times
GIFT Nifty down 25 points; here's the trading setup for today's session
The position of FIIs in the futures market increased from a net short of Rs 69,100 crore on Monday to Rs 70,513 crore on Tuesday. Indian equities closed marginally higher, with the Nifty at 25,522, as analysts anticipate near-term market optimism fueled by trade breakthrough hopes and the upcoming earnings season. Technically, the index shows improved sentiment, with support at 25,400 and resistance at 25,600-25,800. The rupee strengthened, while FIIs remained net sellers, and DIIs were net buyers. Tired of too many ads? Remove Ads Tech View: The index has moved up after a consolidation on the hourly chart, improving sentiment for the bulls. On the daily chart, the Nifty formed a green candle following a hammer and a doji pattern. This type of setup often indicates a potential positive move ahead. On the lower end, support is placed at 25,400, while on the higher end, resistance is seen at 25,600 and 25,750–25,800. The index has moved up after a consolidation on the hourly chart, improving sentiment for the bulls. On the daily chart, the Nifty formed a green candle following a hammer and a doji pattern. This type of setup often indicates a potential positive move ahead. On the lower end, support is placed at 25,400, while on the higher end, resistance is seen at 25,600 and 25,750–25,800. India VIX: India VIX, which is a measure of the fear in the markets, fell 2.9% to settle at 12.20 levels. Dow off 0.37%, S&P 500 falls 0.07%, Nasdaq up 0.03% S&P 500 futures were little changed as of 9:23 a.m. Tokyo time Hang Seng futures were little changed Japan's Topix rose 0.2% Australia's S&P/ASX 200 fell 0.5% Euro Stoxx 50 futures rose 0.5% Tired of too many ads? Remove Ads Indian equities ended marginally higher on Tuesday, with the Nifty closing at 25,522. Overall, analysts expect markets to remain optimistic in the near term, supported by hopes of a trade breakthrough and the upcoming earnings Nifty on the NSE IX traded lower by 25 points, or 0.10 per cent, at 25,579, signaling that Dalal Street was headed for negative start on S&P 500 ended Tuesday's choppy session slightly lower as investors waited for clarity on U.S. trade policy after President Donald Trump's latest tariff threats dampened hopes around talks with some trade partners. Wall Street equities had sold off sharply on Monday after Trump warned of sweeping new tariffs on goods from key trading partners such as Japan and South Korea and a range of smaller countries starting in shares opened cautiously as investors held back from taking risky bets after President Donald Trump ruled out extending his August deadline. Copper futures fell on Trump's tariff dollar rose for a third day against the yen on Wednesday as U.S. President Donald Trump pledged more trade-related proclamations after announcing 25% tariffs on Japan and other trade in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position rupee rose 21 paise to close at 85.73 against the US dollar on Tuesday on the back of a decline in global crude oil prices and a weaker greenback against major rivals.
