By Asian markets opened lower today in response to President Trump’s directive to impose additional 10% tariffs on countries aligning with BRICS’ “anti‑American policies”. Key currencies including the yuan, won, rupiah, and baht slipped by 0.2–0.5%, while the Indian rupee edged toward the 85.5–85.6 level relative to the dollar.
This fresh escalation comes ahead of a looming July 9 deadline for new trade deals, with rules now set for combined enforcement starting August 1. Investors, analysts, and central banks across the region are recalibrating portfolios and FX reserves in anticipation of further trade tensions.
Treasury Secretary Scott Bessent noted that letters outlining tariff updates will be dispatched Monday, reinforcing the policy’s severity for nations connected to BRICS’ economic agenda.
The complex tariff framework—combining broad-based levies with targeted BRICS-related surcharges—has heightened volatility for Asian exporters and financial markets already strained by energy disruptions and supply chain instability. While U.S. Treasury yields remained stable, investor sentiment remains cautious.