On Monday, President Trump warned that any country embracing the “anti-American” policies of the BRICS bloc nations will face an extra 10% tariff on exports.

“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 posted on his Truth Social network late on Sunday, without elaborating.

The threat came from Trump after the BRICS nations, which include Brazil, Russia, India, China and South Africa, met over the weekend. The group condemned unilateral tariffs and military attacks on Iran.

This latest warning from the Trump team comes as it struggles to seal trade deals, though it has succeeded in nailing only three pacts so far.

Time has run out for some US trade partners looking to make deals ahead of Trump’s July 9 deadline for tariffs to return to his originally proposed higher levels.

Treasury Secretary Scott Bessent has said around 100 partners would likely see a minimum “reciprocal” rate of 10% come next week, adding that he expects a “flurry” of deals to materialize before the deadline.

Trump said last week he would start sending out letters to countries to notify them of the tariff rates they will face on exports to the US, to go into effect on Aug. 1. The first 10 or 12 letters sent out will be followed by similar batches.

“By the ninth they’ll be fully covered,” Trump said in reference to the deadline, per Bloomberg. “They’ll range in value from maybe 60% or 70% tariffs to 10% and 20% tariffs.”

Here is where things stand with various partners:

Summary 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

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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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, Reuters reported.

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, BRICS is presenting itself as a haven for multilateral diplomacy amid violent conflicts and trade wars.

In opening remarks to the BRICS summit in Rio de Janeiro, 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.”

In a joint statement released on Sunday afternoon, the group warned the rise in tariffs threatened global trade, continuing its veiled criticism of Trump’s tariffpolicies, according to Reuters.

Gold bangles are displayed at a gold shop in Gold Souq in Dubai, United Arab Emirates, December 30, 2018. Picture taken December 30, 2018. REUTERS/ Hamad I Mohammed/File Photo Purchase Licensing Rights , opens new tab

Summary Trump says US nears trade deals with several countries

Dollar up 0.4% against its rivals

Trump threatens extra 10% tariffs on BRICS countries

Platinum, palladium down more than 2% each

July 7 (Reuters) – Gold prices slipped to a near one-week low on Monday due to an uptick in the U.S. dollar, with investors awaiting details on the trade front ahead of U.S. President Donald Trump’s tariff deadline.

Spot gold fell 0.8% to $3,309.09 per ounce by 0845 GMT. U.S. gold futures shed 0.7% to $3,319.

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“We are seeing a slight pullback due to short-term positive dollar and maybe that’s just due to the fact that the economic data coming from the U.S. is still pretty strong, taking away the immediate need to cut rates,” said WisdomTree commodities strategist Nitesh Shah.

The dollar rose 0.4% against its rivals, making gold more expensive for other currency holders.

Last week, data showed U.S. job growth was unexpectedly solid in June. Also, concerns about tariff-driven inflation have led to expectations of slower Federal Reserve rate cuts.

Minutes from the Fed’s last meeting due later this week could shed more light on the U.S. central bank’s rate cut path.

Meanwhile, the U.S. is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, Trump said on Sunday, with the higher rates scheduled to take effect on August 1.

Trump in April announced a 10% base tariff rate on most countries and higher “reciprocal” rates of up to 50%, with an original deadline of this Wednesday.

“The 90-day period of lower tariffs is expiring and there has not been any fantastic trade deals, which does point towards net trade contracting during the course of this year, which is not supportive for the economy and more likely to be support for gold,” Shah said.

Trump also threatened an extra 10% tariff on countries aligning themselves with the “anti-American policies” of the BRICS group of developing nations.

Elsewhere, spot silver fell 0.9% to $36.56 per ounce, platinum dipped 2.5% to $1,357.25 and palladium lost 2.1% to $1,111.21.

Reporting by Brijesh Patel in Bengaluru, Editing by Louise Heavens

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