BRICS, Donald Trump and tariff
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President Donald Trump threatened to add a 10% tariff rate on BRICS-aligned countries. The term first applied to 4 countries but the group expanded.
U.S. President Donald Trump said on Tuesday the U.S. would "pretty soon" charge a 10% tariff on imports from BRICS countries, drawing another complaint from Brazil President Luiz Inacio Lula da Silva,
US President Donald Trump unveiled a new round of tariff demand letters on Wednesday, including a 50% rate on Brazil, one of the highest so far announced for the levies which are set to hit in August.
Any country aligning themselves with the anti-American policies of BRICS will be charged an additional 10% tariff."
Brazil's financial markets looked set for a bumpy start on Thursday, with traders still trying to grasp U.S. President Donald Trump's shock move to slap 50% tariffs on Latin America's largest economy rather than the 10% previously indicated.