Trump plans 10 per cent tariff on BRICS for non-dollar trade. GTRI says shift from dollar is due to US sanctions, not rebellion. India urged to stay cautious.

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,

President Donald Trump on Wednesday informed seven more nations about new tariffs, singling out Brazil with a 50% duty because of what he called the "disgrace" of how former President Jair Bolsonaro has been treated.

President Donald Trump’s threat to impose new tariffs on India over its participation in the BRICS forum puts New Delhi in a tough position as it races to finalize a favorable trade deal with the US.

The European Union said it was working on sealing a trade deal with the United States by the end of the month, while U.S. President Donald Trump promised that he would deliver further tariff notices on unnamed countries on Wednesday.