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President Donald Trump said he would put an additional 10% tariff on any country aligning themselves with "the Anti-American policies of BRICS".
Trump's comments come as the US prepares to send tariff letters to dozens of countries in the coming days, with the Trump administration's 90-day pause on higher duties set to expire on Wednesday.
BRICS leaders condemned US and Israeli attacks on Iran and called on Prime Minister Benjamin Netanyahu's government to withdraw troops from the Gaza Strip, urging a "just and lasting" resolution to conflicts across the Middle East.
BLOOMBERG
The below is from Bloomberg just now:
Stocks Fall, Dollar Gains as Trade Worries Return:
Stocks declined and the dollar gained in a risk-averse start to the week, as President Donald Trump dialed up trade tensions saying the US will start issuing tariff letters to countries as soon as Monday.
Asian shares fell 0.7% as Trump said the US will send out tariff letters and also announce trade deals from 12 p.m. eastern time on Monday. Treasuries edged up, with the yield on the 10-year dipping about two basis points to 4.32%. Japan’s 30-year yield surged 10 basis points to 2.96% on concerns that the outcome of this month’s upper house election may result in bigger fiscal spending.
The dollar strengthened 0.2%, metals fell and the yuan weakened after Trump said those aligning with the BRICS group of nations will face an additional 10% levy. European equity-index futures were flat.
Trade tensions are back in view as investors await outcomes from various countries’ negotiations with the US, ahead of the July 9 deadline. Stocks had climbed to record highs — recovering from their April plunge when sweeping levies were announced — fueled by expectations that the tariff deadline will be extended, based on Trump’s pattern of threatening first and backing down later.
BLOOMBERG
Total Shares Traded: 24.81m
Shorted: 3.07m (12.39%)
Total Shares Traded: 56.28m
Total Shorted: 8.08m (14.35%)