Trump Targets BRICS With New 10% Tariff, Says More Trade Letters Are Coming

President Donald Trump has escalated his global trade offensive, warning that at least seven more countries will receive tariff letters Wednesday morning, with even more coming later in the day. This move is part of his aggressive effort to push countries into new trade agreements before the final August 1 deadline, now officially set in an executive order.

The White House already sent 14 letters on Monday to countries including Japan, South Korea, South Africa, and others. Commerce Secretary Howard Lutnick said 15 to 20 countries in total should expect formal tariff notifications over the next 48 hours.

In a Tuesday Truth Social post, Trump emphasized that no further extensions will be granted beyond August 1:

“All money will be due and payable starting AUGUST 1, 2025 – No extensions will be granted.”

10% Tariff on All BRICS Members

In a major shift with geopolitical consequences, Trump also announced plans for a blanket 10% tariff on imports from BRICS nations, calling the group a “direct threat” to the dominance of the US dollar.

“If they’re a member of BRICS, they are going to have to pay a 10% tariff, just for that one thing – and they won’t be a member long,” Trump said during a cabinet meeting.

He justified the move as a defense of US financial power, referencing fears that BRICS might challenge the dollar’s global reserve currency status. In 2023, Brazil’s president floated the idea of a BRICS currency — something Trump now claims was an attempt to “degenerate our dollar.”

“Losing the dollar as the reserve currency would be like losing a major world war,” he warned.

The BRICS bloc — which began with Brazil, Russia, India, China, and South Africa — has since expanded to include Egypt, Ethiopia, Indonesia, Iran, and the UAE. Ten more countries have “partner” status, including Vietnam.

50% Tariff on Copper, 200% on Pharmaceuticals?

The president also floated massive new tariffs on specific sectors:

• 50% tariff on copper imports

• Up to 200% tariffs on pharmaceuticals, which could have wide-ranging implications for both consumers and markets

These announcements come amid a period of intensifying volatility for global markets, with the Dow and S&P 500 suffering steep declines earlier this week following Trump's first wave of trade letters.

Europe, You're Next

Although Trump acknowledged “progress” in recent EU talks, he said the bloc will soon receive a formal letter as well:

“We’re probably two days off from sending them a letter. A letter means a deal.”

He specifically criticized EU lawsuits targeting American tech companies, suggesting that retaliation was overdue despite recent diplomatic gestures.

European Commission President Ursula von der Leyen responded on X, saying the EU is “working closely” in good faith to reach a resolution.

Global Reactions Mixed, Markets Watching

So far, the international response to Trump’s latest tariff wave has been more muted than the turmoil that followed his initial “reciprocal tariffs” rollout on April 2. Still, with an August 1 hard deadline, no new deals confirmed this week, and trade partners bracing for letters, tensions are building.

Of the many countries on edge, only the UK, Vietnam, and China (via a temporary truce until August 12) have secured partial or temporary agreements.

With threats ranging from sectoral to bloc-wide penalties, Trump's trade strategy appears to be moving from negotiation to enforcement.