During the recent BRICS summit held in Rio de Janeiro, Brazil, President Donald Trump announced a potential 10% tariff on members of the alliance—namely China, Russia, and India—citing their alignment with "anti-American" policies. This declaration was made via a post on Truth Social, where Trump emphasized that there would be no exceptions to this tariff policy.
The proposed tariffs would mark a significant shift, as it would be the first time the Trump administration has targeted Russia with tariffs during his second term, especially given that trade with Russia has already plummeted by 90% since its invasion of Ukraine. The tariffs Trump previously implemented were paused in April to allow for trade negotiations, with a deadline set for August 1 to finalize any agreements or face an increase.
In response to Trump's comments, leaders from the BRICS alliance issued a statement expressing concerns about unilateral tariff actions, indirectly referencing the U.S. without naming it directly. This statement criticized attacks on civilian infrastructure and asserted that such actions constitute violations of international law.
The BRICS group, which includes Brazil, Russia, India, China, and South Africa, expanded last year to include additional countries such as Indonesia and Iran, positioning itself as a counterweight to Western-dominated international institutions. Amidst ongoing discussions about reducing reliance on the U.S. dollar for global trade, China’s foreign minister reiterated that the alliance was founded on cooperation rather than confrontation.
As negotiations continue, the U.S. has managed to secure preliminary trade deals with the United Kingdom and Vietnam but has yet to finalize broader agreements with other nations.