US President Donald Trump has announced what amounts to an 'economic war'. He declared an additional 10% tariff on any country aligning with 'anti‑American' BRICS policies, with no exceptions. The policy, first flagged on Truth Social, coincides with his broader plan to send tariff threat letters to over 100 countries and roll out retaliatory duties by August 1, unless new trade deals are struck.
This escalates the trade conflict amid BRICS opposition and has already rattled markets. South Africa’s rand dropped ~1% in response.