Trump issues 10% tariffs warning over BRICS policies

• The BRICS bloc that now also includes South Africa, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia, Indonesia and Iran represents over one third of the world's economic growth, "based on purchasing power parity," DW notes.

The big picture: BRICS released its statement as it held its first leaders summit since 2009 in Brazil on Sunday, which Chinese leader Xi Jinping and Russian counterpart Vladimir Putin did not attend in person.

• The bloc did not name Trump as it criticized tariffs and condemned military strikes on Iran, which saw the U.S. target Iranian nuclear sites in support of Israel as the 12-day war between Israel and Iran came to an abrupt end.

Zoom out: Treasury Secretary Scott Bessent said earlier Sunday that countries that don't make trade deals with the U.S. by August 1 can expect tariff rates to return to the levels announced in April — which Axios' Ben Berkowitz notes effectively sets a new deadline for the biggest U.S. trading partners to negotiate an alternative to Trump's sweeping global tariffs.

Flashback: Trump threatens 100% tariffs on BRICS if they move away from the dollar

Editor's note: This article has been updated with new details throughout.