The BRICS group expressed concerns about US tariffs being inconsistent with WTO rules, threatening global trade and supply chains. President Luiz Inácio Lula da Silva criticized NATO's decision to increase military spending by 5% of GDP annually by 2035, echoing the sentiment in the group's declaration.
https://africanews.com/2025/07/07/brics-leaders-criticize-trump-tariffs-attacks-on-iran/Indonesia expresses full faith in its negotiators as they engage with the US over reciprocal tariffs amid President Donald Trump's warning to impose an additional 10% tariff on BRICS members and allies, including Indonesia. Industry Minister Agus Gumiwang Kartasasmita is confident that his team has identified suitable targets for reciprocity and believes Indonesia is crucial for the US economy. He notes that Indonesia's exports are in a good position, vital for economic growth, and that the country's diversification of domestic products will help mitigate potential tariffs.
https://en.antaranews.com/news/364737/trust-negotiators-govt-as-us-threatens-more-tariffs-on-brics?utm_source=antaranews&utm_medium=desktop&utm_campaign=popular_rightIndonesia's President Prabowo emphasized the importance of the Bandung spirit in the BRICS forum, particularly in supporting developing countries and Palestinian independence. He urged BRICS to serve as a balancing force for Global South countries, voicing their interests fairly and consistently. Deputy Minister of Foreign Affairs Arrmanatha Nasir noted that BRICS leaders highlighted the need for leadership on behalf of the Global South to reform the multilateral system, which is crucial for maintaining international stability and creating a conducive development space for developing countries.
https://en.antaranews.com/news/364669/prabowo-reaffirms-commitment-to-world-peace-at-bricsUS President Donald Trump announced that the US will notify other countries of higher tariff rates by July 9, with the new rates set to take effect on August 1. This move is expected to lead to market volatility, according to Huatai Securities analysts, who warn of a sustained uptrend being unlikely due to expiring tariff deadlines and trade policy uncertainties. China's finance ministry restricted government purchases of medical devices from the European Union in retaliation, contributing to losses in the AI sector.
https://www.brecorder.com/news/40371390/china-hong-kong-stocks-weaken-as-us-tariff-deadline-loomsUS President Trump plans to send letters to leaders of Japan and South Korea, with the intention of negotiating trade deals. He will also extend the deadline for reciprocal tariffs to August 1, giving countries more time to negotiate. The US is open to building or manufacturing products within its country, including in Japan, to avoid tariffs. Treasury Secretary Scott Bessent expects several trade announcements in the next 48 hours, following new offers and proposals from various countries.
https://www.firstpost.com/world/trading-ties-unfortunately-far-from-reciprocal-trump-slaps-25-tariffs-on-japan-south-korea-13904003.htmlUS President Donald Trump threatened a further 10% tariff on countries allied with BRICS developing nations, accusing them of "anti-Americanism", after they denounced his tariffs at a summit in Rio de Janeiro. The BRICS grouping, which includes China, defended itself as a platform for cooperation among emerging markets, saying it advocates openness and win-win cooperation, not confrontation.
https://en.tempo.co/read/2025616/brics-not-seeking-confrontation-amid-trumps-tariff-threat-china-saysAustralian Prime Minister Anthony Albanese made a subtle attempt to distance Australia's reliance on the United States during a keynote speech in Sydney, where he emphasized the need for Australia to develop its own diplomatic relationships and interests.
https://www.smh.com.au/national/pm-anthony-albanese-shares-subtle-message-about-us-relations-20250706-p5mcsu.htmlMalaysia's Prime Minister Anwar Ibrahim called for a more democratic and just multilateral order at the BRICS Business Forum, where he praised Brazilian President Luiz Inácio Lula da Silva for speaking on behalf of marginalized voices. Anwar emphasized the need for strategic cooperation between BRICS and ASEAN members to enhance cross-regional trade and investment, particularly benefiting developing countries. He also encouraged Malaysian companies like Petronas and Yinson Production to venture into new markets, citing their successful projects in Brazil as examples. Anwar met with Lula at the summit, discussing various issues and securing an invitation for Lula to visit Malaysia during the ASEAN Summit in October.
https://channelnewsasia.com/asia/malaysia-pm-anwar-calls-increase-intra-brics-trade-urges-trading-opportunities-overseas-5222756Malaysia has secured RM4 billion in potential investments and RM675 million in potential exports from a trade and investment mission led by Prime Minister Datuk Seri Anwar Ibrahim to France, with companies expressing interest in high-tech manufacturing, aerospace, renewable energy, and digital economy. The Investment, Trade and Industry Ministry reported that these sectors are targeted under the New Industrial Master Plan 2030 and the Green Investment Strategy.
https://www.malaymail.com/news/money/2025/07/06/malaysia-yields-rm47b-in-potential-exports-investments-from-french-trade-mission-says-miti/182990