The reimposition of Trump's higher tariffs, and also retaliatory measures from U.S. trading partners who did not reach a deal in time, threatens to pull global trade back to where it was in April, with widespread disruption, market volatility, and looming economic pain.

President Donald Trump threatened to add a 10% tariff rate on BRICS-aligned countries. The term first applied to 4 countries but the group expanded.

Leaders of the BRICS group of emerging economies meeting for their annual summit had hoped to downplay any differences with the U.S. But even a toned down group proclamation drew the ire of President Trump.