July 8, Tuesday

High-Level Voices: 
Trump stated that an additional 10% tariff will be imposed on countries that "align with the anti-American policies of the BRICS nations."

Overall Sentiment: 
Trump's statement targeting BRICS nations comes as their leaders meet in Rio de Janeiro, Brazil. BRICS leaders recently condemned attacks on Iran and Gaza, calling for reforms in global institutions and positioning BRICS as a multilateral diplomatic haven amid violent conflicts and trade wars.
According to AFP, citing sources, diplomats from the 11 emerging economies, including Brazil, Russia, India, China, and South Africa, are drafting a joint statement condemning the uncertainty caused by U.S. trade policies.
However, before the statement could be finalized, Trump preemptively escalated tensions.
This puts BRICS nations in a dilemma: should they still issue the statement?
Influenced by this, U.S. stocks saw a broad decline on Monday.