Overview

• President Donald Trump threatened a 10% tariff on any country he said aligned with BRICS’s 'anti-American policies' and the White House delayed its enforcement until August 1 to allow negotiations.
• At the Rio summit, BRICS members released a 16,000-word declaration defending institutions like the United Nations and IMF and detailing technical cooperation on AI governance and climate issues.
• Brazil and India vowed to triple bilateral trade flows during Prime Minister Narendra Modi’s state visit to Brasilia as a demonstration of unity and multialignment.
• BRICS leaders formally rejected being labeled 'anti-American' and voiced serious concerns that unilateral tariffs distort trade and violate WTO rules.
• The bloc is advancing discussions on reduced dollar reliance through a cross-border payments initiative that U.S. officials fear could undermine the dollar’s reserve currency status.