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Donald Trump has threatened nations that support BRICS countries (Brazil, Russia, India, China and South Africa) with a 10% tariff. "Any country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% tariff. There will be no exceptions to this policy," The US President wrote on his Truth social media network. It comes as Trump's administration is said to be close to finalising several trade pacts, and states are to be notified of their tariff rates by July 9, which will take effect on August 1.

However, the director of the National Economic Council, Kevin Hassett, has reportedly suggested that this deadline could be extended for some countries. Mr Trump has said officials plan to start sending letters today to US trade partners outlining new the new levies they face. "It could be 12, maybe 15 [letters]," the president told reporters, "and we've made deals also, so we're going to have a combination of letters and some deals have been made." The correspondents are thought to be delivered at 5pm BST.

A reprieve for the UK's steel industry is yet to be finalised, leaving open the threat that the current 25% tariff rate could rise to 50%, the PA news agency reports.

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