The reimposition of Trump's higher tariffs, and also retaliatory measures from U.S. trading partners who did not reach a deal in time, threatens to pull global trade back to where it was in April, with widespread disruption, market volatility and looming economic pain.

Brazil, Russia, India, China, and South Africa—have voiced strong concerns about the growing use of tariff and non-tariff barriers in global trade.

Trump declared on Truth Social: “Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy. Thank you for your attention to this matter!” Trump did not elaborate on what he meant by “anti-American policies.”