Trump’s new tariff letters have sent shockwaves across global markets as he targets 22 countries with tough new trade threats just weeks before the August 1 deadline. From close allies like Japan and South Korea to BRICS nations like Brazil and South Africa,

The president's statement comes as the trading bloc including Brazil, Russia, India, China, and South Africa (BRICS) is meeting in Rio de Janeiro this week.

President Trump's proposed 100% tariff on BRICS nations has stirred global controversy. Labeling the group as 'anti-American,' Trump faces backlash from BRICS leaders, who defend their vision of a multipolar world.

The GTRI report warns India against hastily signing trade deals with the US due to aggressive tariffs and penalties. It emphasizes that the US's use of the dollar as a weapon has compelled nations to

US President Donald Trump warned that members of the BRICS alliance would face a 10 per cent tariff if they act against American interests. Trump alleged that BRICS was created to weaken the US dollar and suggested that the tariff could be imposed soon on countries within the bloc.

The dollar rose and Commerzbank said since Trump is announcing the tariffs in increments, the market seemed to be coping better than it did in April—when steep levies were unveiled at once.