President Donald Trump threatened to add a 10% tariff rate on BRICS-aligned countries. The term first applied to 4 countries but the group expanded.

The reimposition of Trump's higher tariffs, and also retaliatory measures from U.S. trading partners who did not reach a deal in time, threatens to pull global trade back to where it was in April, with widespread disruption, market volatility, and looming economic pain.

Donald Trump warned on Sunday that any country aligning with what he described as the “anti-American” policies of the Brics bloc would face an additional 10 per cent tariff. “There will be no exceptions to this policy,” the US president declared on his Truth Social platform without specifying any nation or policy.