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.

President Donald Trump said at least seven countries can expect tariff letters on Wednesday morning, as he ramped up pressure on nations to strike deals with the United States by saying his new August 1 deadline would not be extended.

The Trump administration will not immediately impose a new 10% tariff against members of the developing nation BRICS bloc, but will proceed if countries take so-called "anti-American" policy actions,