Trump says alignment with BRICS’ ‘anti-American policies’ to invite additional 10% tariffs
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South African rand falls 1% after Trump tariff threat on BRICS-aligned countries
The South African rand fell in early trade on Monday as markets reacted to U.S. President Donald Trump’s threat to impose additional tariffs. At 0650 GMT the rand traded at 17.7550 against the dollar, down about 1% from Friday’s close. South Africa is part of the BRICS group and, like many other countries, is scrambling to agree a trade deal with the United States.
JOHANNESBURG, July 7(Reuters) – The South African rand fell in early trade on Monday as markets reacted to U.S. President Donald Trump’s threat to impose additional tariffs on BRICS-aligned countries.
Trump said on Sunday in a post on Truth Social that countries aligning themselves with the “anti-American policies” of BRICS will be charged an additional 10% tariff , adding that there will be no exceptions to this policy.
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At 0650 GMT the rand traded at 17.7550 against the dollar , down about 1% from Friday’s close.
South Africa is part of the BRICS group and, like many other countries, is scrambling to agree a trade deal with the United States before a July 9 deadline set by Trump.
Trump imposed a 31% tax on U.S. imports from South Africa in April as part of his global tariffs policy. South Africa has asked for an extension to the July 9 deadline to negotiate a trade deal.
South Africa’s benchmark 2035 government bond was weaker in early deals, with the yield up 9 basis points at 9.83%.
Reporting by Sfundo Parakozov Editing by David Goodman
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Three children among 27 wounded in Russia’s drone attack on Kharkiv, Ukraine says
At least three children were among 27 people wounded as a result of a Russian drone attack on Ukraine’s second-largest city of Kharkiv. The attack damaged apartments and a kindergarten in the city, which lies in northeastern Ukraine near the border with Russia. The full scale of the attack was not immediately clear. Both sides deny targeting civilians in the war, but thousands of civilians have died in the conflict, the vast majority of them Ukrainian. A Russian attack on the region of Sumy, also in Ukraine’s northeast, killed two people and injured another two.
Item 1 of 5 A firefighter works at the site of the building hit by a Russian drone strike, amid Russia’s attack on Ukraine, in Kharkiv, Ukraine July 7, 2025. REUTERS/Sofiia Gatilova
July 7 (Reuters) – At least three children were among 27 people wounded as a result of a Russian drone attack on Ukraine’s second-largest city of Kharkiv overnight that damaged apartments and a kindergarten, Ukrainian authorities said on Monday.
Kharkiv, which lies in northeastern Ukraine near the border with Russia, has been the target of regular Russian drone and missile attacks since the start of the war that Moscow launched with a full-scale invasion more than three years ago.
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A fire broke out in a multi-storey residential building in Kharkiv as a result of the attack, Mayor Ihor Terekhov said.
Oleh Sinehubov, governor of the broader Kharkiv region of which the city of Kharkiv is the administrative centre, said that most of the injuries occurred in the city’s Shevchenkivskyi district.
Emergency services were working at the site, Sinehubov said on the Telegram messaging app.
The full scale of the attack was not immediately clear. There was no comment on the attacks from Moscow. Both sides deny targeting civilians in the war, but thousands of civilians have died in the conflict, the vast majority of them Ukrainian.
A Russian attack on the region of Sumy, also in Ukraine’s northeast, on Sunday afternoon killed two people and injured another two, while damaging about 20 buildings, State Emergency Service of Ukraine said on Telegram.
An overnight attack damaged several buildings and cars in three of the 10 districts of the Ukrainian capital of Kyiv, Mayor Vitali Klitschko said on Telegram. There were no reports of injuries, he added.
Reporting by Lidia Kelly in Warsaw and Alexandar Vasovic in Belgrade; Writing by Lidia Kelly in Melbourne; Editing by Raju Gopalakrishnan
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Donald Trump says aligning with BRICS ‘anti-American policies’ will invite extra 10% tariffs
US President Donald Trump on Sunday said that Washington will impose additional 10% tariffs on countries aligning with the “anti-American policies” of the BRICS grouping. “There will be no exceptions to this policy,” Trumps said on social media. He did not elaborate on which policies he believed were against the interests of his country. The leaders of BRICS nations – a multilateral group comprising the world’s major emerging economies – met in Rio de Janeiro on Sunday. Washington views BRICS as attempting to become an economic counterweight to the US.
“There will be no exceptions to this policy,” Trumps said on social media.
The US president did not elaborate on which policies he believed were against the interests of his country.
( @realDonaldTrump – Truth Social Post )
( Donald J. Trump – Jul 06, 2025, 10:24 PM ET )
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… pic.twitter.com/lXZI0zNysY — Donald J. Trump 🇺🇸 TRUTH POSTS (@TruthTrumpPosts) July 7, 2025
This came as the leaders of the BRICS nations – a multilateral group comprising the world’s major emerging economies – met in Brazil’s Rio de Janeiro on Sunday.
BRICS comprises India, Brazil, Russia, China, Saudi Arabia, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.
Washington views the BRICS as attempting to become an economic counterweight to the US.
In January, Trump had warned members of the BRICS against attempts to replace the US dollar as a reserve currency by repeating a 100%-tariff threat that he had made after winning the presidential election in November.
Trump’s warning on Sunday came as Washington said that the broader “reciprocal tariffs” it was imposing on dozens of nations could be reinstated to the levels introduced in April if countries failed to reach a trade deal with the US.
“If you don’t move things along, then on August 1 you will boomerang back to your April 2 tariff level,” Treasury Secretary Scott Bessent told CNN.
Trump’s tariffs, including a 26% “discounted” levy on India, had taken effect on April 9. Hours later, however, Trump had reduced the rates on imports from most countries to 10% for 90 days to provide time for trade negotiations.
The US president had repeatedly said he intended to impose a reciprocal tax on India, among others, citing high tariffs the countries impose on foreign goods.
The tariffs had led to concerns of a broader trade war that could disrupt the global economy and trigger a recession.
Trump threatens extra 10% tariffs on BRICS as leaders meet in Brazil
Trump says countries aligning with ‘Anti-American policies’ of BRICS to face extra tariffs. Lula draws parallel with Cold War’s Non-Aligned Movement. Group condemns rising tariffs, attacks on Iran and Gaza.Xi Jinping skips, Putin online, Modi and Ramaphosa present at BRICS summit. 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, and the United Arab Emirates as members.. Saudi Arabia has held off formally joining, according to sources, while another 30 nations have expressed interest in participating in the BRICS, either as full members or partners. The BRICS is presenting itself as a haven for multilateral diplomacy amid violent conflicts and trade wars. The group warned the rise in tariffs threatened global trade, continuing its veiled criticism of Trump’s tariff policies. The U.S. president is seeking to finalize dozens of trade deals with a wide range of countries before his July 9 deadline for the imposition of significant “retaliatory tariffs”
Lula draws parallel with Cold War’s Non-Aligned Movement
Group condemns rising tariffs, attacks on Iran and Gaza
Xi Jinping skips, Putin online, Modi and Ramaphosa present
RIO DE JANEIRO, July 6 (Reuters) – President Donald Trump said the U.S. will impose an additional 10% tariff on any countries aligning themselves with the “Anti-American policies” of the BRICS group of developing nations, whose leaders kicked off a summit in Brazil on Sunday.
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.
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In a joint statement from the opening of the 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.
“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.
Trump’s administration is seeking to finalize dozens of trade deals with a wide range of countries before his July 9 deadline for the imposition of significant “retaliatory tariffs”.
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, and the United Arab Emirates as members. Saudi Arabia has held off formally joining, according to sources, while another 30 nations have expressed interest in participating in the BRICS, either as full members or partners.
Indonesia’s senior economic minister, Airlangga Hartarto, is in Brazil for the BRICS summit and is scheduled to go to the U.S. on Monday to oversee tariff talks, an official told Reuters. India’s foreign ministry did not immediately respond to a request for comment.
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.”
BRICS nations now represent more than half the world’s population and 40% of its economic output, Lula noted in remarks on Saturday to business leaders, warning of rising protectionism.
Item 1 of 10 Brazil’s President Luiz Inacio Lula da Silva, China’s Premier Li Qiang, Russia’s Foreign Minister Sergei Lavrov, India’s Prime Minister Narendra Modi, Indonesian President Prabowo Subianto, South Africa’s President Cyril Ramaphosa, Egypt’s Prime Minister Mostafa Madbouly, Ethiopia’s Prime Minister Abiy Ahmed Ali, Crown Prince of Abu Dhabi Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Iran’s Foreign Affairs Minister Seyed Abbas Araghchi pose for a family photo during the BRICS Summit in Rio de Janeiro, Brazil July 6, 2025. REUTERS/Pilar Olivares [1/10] Brazil’s President Luiz Inacio Lula da Silva, China’s Premier Li Qiang, Russia’s Foreign Minister Sergei Lavrov, India’s Prime Minister Narendra Modi, Indonesian President Prabowo Subianto, South Africa’s President Cyril Ramaphosa, Egypt’s Prime Minister Mostafa Madbouly, Ethiopia’s Prime… Purchase Licensing Rights , opens new tab Read more
GROWING CLOUT, COMPLEXITY
Expansion of the bloc has added diplomatic weight to the gathering, which aspires to speak for developing nations across the Global South, strengthening calls for reforming global institutions such as the United Nations Security Council and the International Monetary Fund
“If international governance does not reflect the new multipolar reality of the 21st century, it is up to BRICS to help bring it up to date,” Lula said in his remarks, which highlighted the failure of U.S.-led wars in the Middle East.
Stealing some thunder from this year’s summit, Chinese President Xi Jinping chose to send his premier in his place. Russian President Vladimir Putin is attending online due to an arrest warrant from the International Criminal Court related to his war in Ukraine
Still, several heads of state were gathered for discussions at Rio’s Museum of Modern Art on Sunday and Monday, including Indian Prime Minister Narendra Modi and South African President Cyril Ramaphosa.
However, there are questions about the shared goals of an increasingly heterogeneous BRICS group, which has grown to include regional rivals along with major emerging economies.
In the joint statement, the leaders called attacks against Iran’s “civilian infrastructure and peaceful nuclear facilities” a “violation of international law.”
The group expressed “grave concern” for the Palestinian people over Israeli attacks on Gaza, and condemned what the joint statement called a “terrorist attack” in India-administered Kashmir.
The group voiced its support for Ethiopia and Iran to join the World Trade Organization, while calling to urgently restore its ability to resolve trade disputes.
The leaders’ joint statement backed plans to pilot a BRICS Multilateral Guarantees initiative within the group’s New Development Bank to lower financing costs and boost investment in member states, as first reported by Reuters last week.
In a separate statement following a discussion of artificial intelligence, the leaders called for protections against unauthorized use of AI to avoid excessive data collection and allow mechanisms for fair payment.
Brazil, which also hosts the United Nations climate summit in November, has seized on both gatherings to highlight how seriously developing nations are tackling climate change, while Trump has slammed the brakes on U.S. climate initiatives.
China and the UAE signaled in meetings with Brazilian Finance Minister Fernando Haddad in Rio that they plan to invest in a proposed Tropical Forests Forever Facility, according to two sources with knowledge of the discussions about funding conservation of endangered forests around the world.
Reporting by Lisandra Paraguassu and Manuela Andreoni; Writing by Lincoln Feast; Editing by Brad Haynes, Bill Berkrot, Lisa Shumaker, Raju Gopalakrishnan and Stephen Coates
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