BRICS Leaders Condemn US, Israel Attacks on Iran
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(Bloomberg) — President Donald Trump said he would put an additional 10% tariff on any country aligning themselves with 'the Anti-American policies of BRICS,' injecting further uncertainty into global trade as the US continues to negotiate levies with many trading partners. Trump's Gilded Design Style May Be Gaudy. But Don't Call it 'Rococo.' Foreign Buyers Swoop on Cape Town Homes, Pricing Out Locals Massachusetts to Follow NYC in Making Landlords Pay Broker Fees NYC Commutes Resume After Midtown Bus Terminal Crash Chaos In California, Pro-Housing 'Abundance' Fans Rewrite an Environmental Landmark 'Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff,' Trump said in a Truth Social post. 'There will be no exceptions to this policy.' The dollar strengthened 0.2%, metals fell and the yuan weakened after Trump made the threat on Sunday night. European equity-index futures were flat. The comments come as the US prepares to send tariff letters to dozens of countries in the coming days, with the Trump administration's 90-day pause on higher duties set to expire on Wednesday. Trump said in a separate post that the letters would start being delivered from noon Monday, Washington time. BRICS, a grouping of nations that includes Brazil, Russia, India, China and South Africa, held a summit over the weekend. In a joint statement, leaders took a swipe at Trump's tariffs, saying they 'voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO rules.' Chinese Premier Li Qiang and Indian Prime Minister Narendra Modi were among those who attended. Trump's post didn't specify which policies he considers 'Anti-American,' nor did it provide details on when any of those tariffs might be imposed. 'Trump's comments are a warning shot for emerging market nations looking to go down the BRICS alignment path,' said Mingze Wu, a trader at StoneX Financial Inc. in Singapore, adding that they're likely in response to what BRICS said about Gaza. Major US trading partners are racing to secure trade agreements or lobby for extra time ahead of the July 9 deadline. Treasury Secretary Scott Bessent signaled that some nations without deals in place could have the option of a three-week extension to negotiate, with the levies set to take effect on Aug. 1. In the statement released Sunday, leaders gathered in Brazil condemned US and Israeli attacks on Iran and called on Prime Minister Benjamin Netanyahu's government to withdraw troops from the Gaza Strip. They urged a 'just and lasting' resolution to conflicts across the Middle East and denounced military strikes against Iran, a BRICS member, since June 13, when Israel began attacks that culminated with US airstrikes nine days later. The 10-member bloc of emerging-market nations also expressed 'grave concern about the situation in the Occupied Palestinian Territory' — citing Israeli attacks and the obstruction of the entry of humanitarian aid into Gaza, something Israel denies — while calling for a permanent and unconditional ceasefire, along with the release of all hostages. China's premier said BRICS countries should take the lead in advancing reforms in global governance and championing the peaceful resolution of international disputes. 'Today's world is more turbulent, with unilateralism and protectionism on the rise,' Li said. 'China is willing to work with BRICS countries to promote global governance in a more just, reasonable, efficient and orderly direction.' India's Ministry of Commerce and Industry declined to comment on Trump's latest post. At a daily briefing on Monday, a spokeswoman for China's Foreign Ministry, Mao Ning, repeated Beijing's oft-stated line that there are 'no winners in trade wars' and described BRICS as 'an important platform for cooperation' between emerging and developing countries. 'It advocates openness, inclusiveness, and win-win cooperation,' she said in Beijing. 'It does not engage in bloc confrontation and is not targeted at any country.' Indonesia's Coordinating Ministry for Economic Affairs spokesperson Haryo Limanseto said the government has 'no comment' specifically on Trump's remarks regarding additional tariffs on BRICS countries. 'The team is still working. Hopefully Indonesia and the US will find the best solution,' he said. Trump has also previously threatened to slap 100% levies on BRICS if they ditch the US dollar in bilateral trade. The pushback, in turn, has spurred interest in developing local payment systems and other instruments that can facilitate commerce and investment between the nations. On Sunday, BRICS leaders agreed to continue talks on a cross-border payment system for trade and investment — a project they've been discussing for a decade, though progress has been slow. —With assistance from Shadab Nazmi, Lucille Liu, Grace Sihombing, Ruth Carson, Shruti Srivastava and Qianwei Zhang. (Updates with Chinese Foreign Ministry's comments starting in 15th paragraph.) For Brazil's Criminals, Coffee Beans Are the Target Sperm Freezing Is a New Hot Market for Startups SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate China's Homegrown Jewelry Superstar ©2025 Bloomberg L.P. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Sign in to access your portfolio
