• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup

2

The Pentagon said Iran War costs $29 billion, but the real cost is closer to $200 billion—and counting

3

Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock

1

After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup

2

The Pentagon said Iran War costs $29 billion, but the real cost is closer to $200 billion—and counting

3

Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock
Politics
Asia

Trump threatens 10% tariff for ‘anti-American’ BRICS policies

By
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Bloomberg
Bloomberg
Down Arrow Button Icon
July 7, 2025, 2:17 AM ET
Trump has also previously threatened to slap 100% levies on BRICS if they ditch the U.S. dollar in bilateral trade.
Trump has also previously threatened to slap 100% levies on BRICS if they ditch the U.S. dollar in bilateral trade.Celal Gunes—Anadolu via Getty Images
Add Fortune on Google for similar content.

President Donald Trump said he would put an additional 10% tariff on any country aligning themselves with “the Anti-American policies of BRICS,” injecting further uncertainty into global trade as the U.S. continues to negotiate levies with many trading partners. 

Recommended Video

“Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff,” Trump said Sunday night in a Truth Social post. “There will be no exceptions to this policy.”

The comments come as the U.S. prepares to send tariff letters to dozens of countries in the coming days, with the Trump administration’s 90-day pause on higher duties set to expire on Wednesday. Trump said in a separate post that the letters would start being delivered from noon Monday, Washington time. 

BRICS, a grouping of nations that includes Brazil, Russia, India, China and South Africa, held a summit over the weekend, where leaders condemned U.S. and Israeli attacks on Iran and called on Prime Minister Benjamin Netanyahu’s government to withdraw troops from the Gaza Strip. They urged a “just and lasting” resolution to conflicts across the Middle East. Chinese Premier Li Qiang and Indian Prime Minister Narendra Modi were among those who attended.

Trump’s post didn’t specify which policies he considers “Anti-American,” nor did it provide details on when any of those tariffs might be imposed. 

“Trump’s comments are a warning shot for emerging market nations looking to go down the BRICS alignment path,” said Mingze Wu, a trader at StoneX Financial Inc. in Singapore, adding that they’re likely in response to what BRICS said about Gaza.

Major U.S. trading partners are racing to secure trade agreements or lobby for extra time ahead of the July 9 deadline. Treasury Secretary Scott Bessent signaled that some nations without deals in place could have the option of a three-week extension to negotiate, with the levies set to take effect on Aug. 1.

In a joint statement released Sunday, leaders gathered in Brazil agreed to denounce military strikes against Iran, a BRICS member, since June 13, when Israel began attacks that culminated with U.S. airstrikes nine days later. 

The 10-member bloc of emerging-market nations also expressed “grave concern about the situation in the Occupied Palestinian Territory”—citing Israeli attacks and the obstruction of the entry of humanitarian aid into Gaza, something Israel denies—while calling for a permanent and unconditional ceasefire, along with the release of all hostages.

Chinese Premier Li said BRICS countries should take the lead in advancing reforms in global governance and championing the peaceful resolution of international disputes.

“Today’s world is more turbulent, with unilateralism and protectionism on the rise,” Li said. “China is willing to work with BRICS countries to promote global governance in a more just, reasonable, efficient and orderly direction.”

China’s Ministry of Foreign Affairs didn’t immediately respond to a request seeking comment on Trump’s latest post. India’s Ministry of Commerce and Industry declined to comment.

Indonesia’s Coordinating Ministry for Economic Affairs spokesperson Haryo Limanseto said the government has “no comment” specifically on Trump’s remarks regarding additional tariffs on BRICS countries. “The team is still working. Hopefully Indonesia and the U.S. will find the best solution,” he said.

Trump has also previously threatened to slap 100% levies on BRICS if they ditch the U.S. dollar in bilateral trade. The pushback, in turn, has spurred interest in developing local payment systems and other instruments that can facilitate commerce and investment between the nations.

On Sunday, BRICS leaders agreed to continue talks on a cross-border payment system for trade and investment—a project they’ve been discussing for a decade, though progress has been slow.

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Author
By Bloomberg
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Politics

Trump cancels signing a housing bill and blindsides his own party in a social media post
PoliticsDonald Trump
Trump cancels signing a housing bill and blindsides his own party in a social media post
By The Associated Press, Mary Clare Jalonick, Kevin Freking, Josh Boak and Lisa MascaroJune 24, 2026
52 minutes ago
t
PoliticsDonald Trump
Trumps holds landmark affordable housing bill hostage over his pet issue: the ‘national emergency’ of voter ID
By Mary Clare Jalonick and The Associated PressJune 24, 2026
58 minutes ago
Jack Schlossberg built a sardonic social media campaign filled just to barely break 10% in Tuesday’s primary
PoliticsPolitics
Jack Schlossberg built a sardonic social media campaign filled just to barely break 10% in Tuesday’s primary
By The Associated Press, Danny Peltz and Anthony IzaguirreJune 24, 2026
59 minutes ago
NYC Mayor Zohran Mamdani 3 for 3 on his ‘better Democrats’ endorsements: ‘Put working people back at the heart of politics’
PoliticsNew York City
NYC Mayor Zohran Mamdani 3 for 3 on his ‘better Democrats’ endorsements: ‘Put working people back at the heart of politics’
By The Associated Press, Jesse Bedayn, Thomas Beaumont and HUMERA LODHIJune 24, 2026
1 hour ago
s
BankingScott Bessent
Scott Bessent calls Mamdani ‘leader of the Democratic Party,’ touts weekly Warsh breakfasts and a new push to put every American in the stock market
By Nick LichtenbergJune 24, 2026
1 hour ago
White House blames ‘leftist activists’ for Reflecting Pool snafus as crews put up fencing to block off the algae- and peeling paint-filled water
LawWhite House
White House blames ‘leftist activists’ for Reflecting Pool snafus as crews put up fencing to block off the algae- and peeling paint-filled water
By Matthew Daly and The Associated PressJune 24, 2026
2 hours ago

Most Popular

After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
Success
After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup
By Orianna Rosa RoyleJune 23, 2026
1 day ago
The Pentagon said Iran War costs $29 billion, but the real cost is closer to $200 billion—and counting
Economy
The Pentagon said Iran War costs $29 billion, but the real cost is closer to $200 billion—and counting
By Jacqueline MunisJune 24, 2026
9 hours ago
Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock
Banking
Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock
By Jim EdwardsJune 23, 2026
1 day ago
Current price of oil as of June 23, 2026
Personal Finance
Current price of oil as of June 23, 2026
By Joseph HostetlerJune 23, 2026
1 day ago
Current price of gold as of June 23, 2026
Personal Finance
Current price of gold as of June 23, 2026
By Danny BakstJune 23, 2026
1 day ago
Texas and Charlotte used to build huge McMansions—now they're copying the California design tricks they once mocked
Real Estate
Texas and Charlotte used to build huge McMansions—now they're copying the California design tricks they once mocked
By Sydney LakeJune 22, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.