US President Donald Trump has threatened that if BRICS nations create new currencies or support other currencies as substitutes for the US dollar in international trade, they will face 100% tariffs. China has responded to this threat, stating that BRICS is not seeking confrontation and is focused on cooperation and economic growth among its member states, including Brazil, Russia, India, China, and South Africa.
https://en.tempo.co/read/2025731/indonesia-responds-to-trumps-tariff-threat-on-brics-nationsThe US has concluded it must move away from long-term trade deficits caused by South Korea's tariff and non-tariff policies, with a proposed 25% tariff on Korean products set to start on August 1. In response, South Korea is willing to reform domestic regulations and propose cooperation in shipbuilding and energy to support US manufacturing. The US commerce secretary met with South Korean officials, including President Lee Jae-myung's representative Yeo, to accelerate negotiations and identify a mutually beneficial framework for cooperation.
https://koreajoongangdaily.joins.com/news/2025-07-08/business/industry/Trump-tariffs-pushed-to-Aug-1-granting-Korea-crucial-negotiating-window/2348046Countries with large trade imbalances with the US, including Japan, South Korea, Thailand, Indonesia, Cambodia, Myanmar, Laos, Malaysia, Bangladesh, Kazakhstan, South Africa, Tunisia, Serbia, and Bosnia, are facing tariffs ranging from 25% to 49%. South Korea is cautiously optimistic about brokering a deal despite a 25% tariff hike on its remaining exports. Japan's Prime Minister Shigeru Ishiba described the tariff as "genuinely regrettable" but attributed the lack of progress to the government's firm stance. Indonesia plans to increase US wheat imports to finalize an agreement, while Cambodia's Prime Minister Hun Manet assured the White House of Phnom Penh's good faith in negotiating a reduced 36% tariff. Thailand is offering more access to its market for American products and boosting orders for Boeing airplanes. Bangladesh, the world's second-largest textile manufacturer, faces a 35% tariff on its goods but hopes to sign an agreement by early July.
https://www.malaymail.com/news/money/2025/07/08/trumps-latest-tariff-threat-explained-what-it-means-for-malaysia-and-13-other-affected-countries/183222South Korea's Industry Ministry has stated that a letter from the US is an extension of the grace period for imposing reciprocal tariffs until August 1, as negotiations to reach a mutually beneficial agreement are accelerated. The 25% tariff announced by Trump on all shipments from South Korea is set to be implemented on July 9 if no deal is reached.
https://www.japantimes.co.jp/business/2025/07/08/economy/south-korea-trump-tariffs-letter/BRICS leaders have agreed to continue discussions on a cross-border payment system for trade and investment, a project that has been in the works for over a decade. Chinese Premier Li emphasized the need for global governance reforms and promoting peaceful dispute resolution, stating that China is willing to work with BRICS countries to achieve this goal.
https://www.ndtv.com/world-news/donald-trumps-anti-american-jibe-at-brics-and-an-extra-10-tariff-warning-8835186?pfrom=home-ndtv_topscrollThe BRICS nations, consisting of Brazil, Russia, India, China, and South Africa, have surpassed the G-7 countries in economic performance, with their combined landmass covering over a third of the Earth's surface and population accounting for almost half of the world's inhabitants. This shift is driven by growing trade in national currencies, such as China's yuan and Russia's ruble, which are increasingly being used as alternatives to the US dollar.
https://www.fakti.bg/en/world/984015-putin-to-brics-liberal-globalization-and-unipolar-world-are-endingTurkish Foreign Minister Hakan Fidan met with Iranian Foreign Minister Abbas Araghchi on the sidelines of the BRICS summit in Rio de Janeiro, Brazil, to reaffirm Türkiye's commitment to resolving regional issues through diplomacy. Fidan expressed support for multilateralism and a vision on global issues such as climate change and artificial intelligence, while also highlighting Türkiye's stance on Middle East crises like Gaza, where Israel's aggression poses significant risks to regional peace and security.
https://www.hurriyetdailynews.com/fidan-reaffirms-turkiyes-push-for-diplomacy-at-brics-summit-211170Union Minister Nitin Gadkari has expressed deep concern over ongoing conflicts worldwide, warning that tensions between countries could lead to a third world war due to advancements in warfare technology, which have dramatically altered the dimensions of war.
https://www.deccanchronicle.com/nation/current-affairs/conflicts-around-world-may-lead-to-third-world-war-gadkari-1889905India, Iran, and Afghanistan signed a trilateral agreement on trade, transport, and transit. Former President Hassan Rouhani visited India in February 2018, where a joint statement was issued. Prime Minister Modi met President Masoud Pezeshkian at the 16th BRICS Summit in Kazan, Russia in October 2024, to discuss strengthening bilateral relations. Vice President Jagdeep Dhankhar visited Iran in 2024 after President Seyyed Ebrahim Raisi's demise, where he paid condolences along with Foreign Minister Dr. Hossein Amir-Abdollahian and other Iranian officials.
https://www.lokmattimes.com/international/eam-jaishankar-holds-talks-on-regional-developments-with-iranian-foreign-minister/