Trump threatens more tariffs on anti-American countries

President Donald Trump threatened to impose an additional 10% tariff on countries supporting anti-American policies at the BRICS summit, according to a Sunday night statement. Trump issued the new trade stipulation the night before he planned to send letters announcing reciprocal tariffs or trade deals on Monday. The two-day BRICS summit kicked off over the weekend in Rio de Janeiro. The BRICS coalition of emerging powerhouse economies serves as a facsimile of Western-led blocs like the Group of Seven, or G7, leading industrial nations.

Separately, on Monday, Trump shared letters informing Japanese and South Korean leaders of 25% tariffs. The tariffs are still far less than the percentage that would be needed to eliminate a trade deficit between the countries, Trump wrote in the letters.

Who is included in BRICS? The coalition was founded in 2001 by Brazil, Russia, India, and China. South Africa was added in 2011, adding the S to the group’s title, according to the summit. Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates were formally admitted as members in recent years, the group noted. The bloc claims that its members currently account for more than 40% of people globally, with that share set to increase.

Chinese leader Xi Jinping was notably absent from the summit for the first time since taking power in 2012. Russian leader Vladimir Putin attended the summit virtually due to international warrants over his continued war in Ukraine. BRICS leaders invited Chilean President Gabriel Boric Font to attend the summit this week, hinting at possible future membership.

What’s being discussed? BRICS leaders reaffirmed their commitment to better cooperation and shared growth, Indian Prime Minister Narendra Modi said in a Sunday morning statement. Participating countries signed the bloc’s 17th annual declaration on Saturday to foster cooperation among global southern nations, with more inclusive and sustainable governance. The declaration included provisions on artificial intelligence, the environment, and fostering international security and stability.

• On AI: Countries noted the need to establish AI governance that upholds the group’s shared values, while also addressing the risks and ensuring the technology is inclusive and accessible to all.

• On the environment: Member countries noted Brazil’s leadership of the Tropical Forest Forever Fund and encouraged large donations from fellow partners. BRICS allies can fight what the bloc called the climate crisis by making economies stronger and fairer, according to the declaration.

• On international peace and security: Leaders cited concerns about ongoing conflicts, saying that increased military spending globally hurt developing countries' finances. BRICS leaders advocated for a multilateral approach to peace that respected diverse national perspectives. The coalition condemned recent Israeli and U.S. attacks on Iran.

Dig deeper: Read my recent report on NATO leaders agreeing to bolster defense spending amid global instability.