### Trump Proposes Additional 10% Tariff on BRICS-Aligned Nations
Former President Donald Trump has criticized the BRICS coalition of emerging economies, escalating tensions over trade policies as a deadline for negotiations approaches.
Trump stated he would introduce a new 10% tariff on nations aligning with BRICS, calling the group’s policies "anti-American."
In a post on his social media platform, Trump wrote:
Any nation that aligns with the anti-American policies of BRICS will face an extra 10% tariff. No exemptions will apply. Thank you for your attention.
The remarks follow a recent BRICS meeting in Brazil, where the group—originally comprising Brazil, Russia, India, China, and South Africa but now expanded—discussed economic and political strategies.
Brazilian President Luiz Inácio Lula da Silva, speaking in Rio de Janeiro, described BRICS as a successor to the Cold War-era Non-Aligned Movement, emphasizing a shift away from military spending toward development.
“Investing in war is always simpler than investing in peace,” Lula said. He also warned of the decline of international cooperation:
Should global governance fail to adapt to today’s multipolar world, BRICS must lead the effort to modernize it.
The group also criticized U.S. and Israeli actions toward Iran and called for balanced resolutions to Middle Eastern conflicts.
Separately, uncertainty remains over previously announced tariffs that Trump delayed for 90 days following market instability.
Trump indicated that new tariff notices would be sent to U.S. trade partners soon, though the timeline is unclear. He suggested enforcement could begin this week, while Commerce Secretary Howard Lutnick clarified the measures would officially start in August.
Trump later confirmed that formal notices would be issued at midday Eastern Time.
#### Economic Updates
- 7:00 AM: Halifax UK housing price data for June
- 2:00 PM: Eurozone finance ministers meet in Brussels
Financial markets remain steady after recent volatility in UK bonds.
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