This is the second time in ten days that President Trump has threatened the member countries of BRICS - Brazil, Russia, India, China, and South Africa – with 10 per cent tariffs.

Trump has rolled back many of his steepest tariffs over recent months, including a sky-high levy on China, the top source of U.S. imports. In recent days, however, Trump announced plans to slap tariffs as high as 50% on dozens of countries, including 25% tariffs on top U.S. trade partners such as Japan and South Korea.

The Trump administration is imposing a substantial tariff on a raw material that is critical for electric vehicle batteries, which could significantly raise the cost of building EVs in the United States.

"Other trading partners observing these threats will have the same mistrust of the negotiation process," experts argue.

The report on China’s gross domestic product was released as the U.S. took stock of the latest inflation figures, which showed that Trump’s tariffs were starting to push up prices. Prices of the products most exposed to tariffs, like household furnishings, jumped significantly in June.

Financial news has been breaking fast and furious, thanks to President Trump. Over the past week, he has: Escalated threats of sharply higher tariffs on major trading partners that don’t cut trade deals with him by the end of the month.

Less than half of Trump 2024 voters, 46%, said they would support tariffs on China — one of America’s biggest trading partners — even if they lead to rising prices domestically. Around a third, 32%, said they would only support tariffs if they do not increase prices.

Long before President Trump wielded tariffs as a weapon to punish Indonesia, the country was fighting back a flood of cheap Chinese goods.

U.S. President Donald Trump said on Wednesday that he thinks China will soon sentence people to death for fentanyl manufacturing and distribution, as he offered fresh optimism about the prospects of a deal with Beijing on illicit drugs.