Brazil's financial markets looked set for a bumpy start on Thursday, with traders still trying to grasp U.S. President Donald Trump's shock move to slap 50% tariffs on Latin America's largest economy rather than the 10% previously indicated.

India seeks to balance its trade deal with the US while avoiding President Trump's BRICS-related tariffs, maintaining its stance on local currency trade and dollar dominance.

The 17th BRICS Summit concluded yesterday, attended by a delegation from the United Arab Emirates led by His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi. During the summit,

President Trump defended former Brazilian President Jair Bolsonaro, who is accused of plotting an attempted coup following his loss in the 2022 election.

Leaders of the BRICS group of major emerging economies are meeting in the Brazilian metropolis of Rio de Janeiro on Sunday for a two-day summit. The BRICS acronym is derived from the initial letters of the founding member countries: Brazil,

President Donald Trump on Wednesday informed seven more nations about new tariffs, singling out Brazil with a 50% duty because of what he called the "disgrace" of how former President Jair Bolsonaro has been treated.

Trump has threatened to impose 100% tariffs against the bloc if they take any moves to undermine the dollar. Last year, at the summit hosted by Russia in Kazan, the Kremlin sought to develop alternatives to U.S.-dominated payment systems which would allow it to dodge Western sanctions imposed after Russia’s invasion of Ukraine in February 2022

Brazil hosts the second and final day of the 17th BRICS Summit in Rio de Janeiro on Monday. (AP video by Lucas Dumphreys)

Brazilian President Luiz Inácio Lula da Silva has praised Indonesia for its initiative in hosting the 1955 Asian-African Conference in Bandung, West

President Donald Trump announced a 50% tariff on goods from Brazil—the highest rate he has announced since he began announcing new levies this week in letters on social media—directly citing the country’s ongoing prosecution of former President Jair Bolsonaro, which he referred to as an “international disgrace” and a “witch hunt.”

President Donald Trump said at least seven countries can expect tariff letters on Wednesday morning, as he ramped up pressure on nations to strike deals with the United States by saying his new August 1 deadline would not be extended.