Trump warns extra 10% tariffs on BRICS

President Donald Trump said the US 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 Sunday.

- REUTERS

With forums such as the G7 and G20 groups of major economies hamstrung by divisions and the disruptive “America First” approach of the US president, the BRICS is presenting itself as a haven for multilateral diplomacy amid violent conflicts and trade wars.

In a joint statement from the opening of the BRICS summit in Rio de Janeiro released 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.