Trump Ups BRICS Tariff Ante As India Awaits Finalisation Of Mini Trade Deal

India is still awaiting the finalisation of an interim trade deal as US President Donald Trump intensifies his tariff agenda ahead of the Aug. 1 rollout.

In a series of remarks late on Tuesday, Trump made it clear that "everyone has to pay", with no indication of relief for India under the new regime.

The US president confirmed a 10% tariff on all BRICS nations, calling the group a deliberate threat to the US dollar. He also hinted at steep duties on critical imports, including a possible 200% tariff on pharmaceuticals and 50% on copper—both sectors where India has significant exports.

India exported $2 billion worth of copper and copper products globally in 2024-25. Of this, exports to US markets amounted to $360 million, or 17%.

On the other hand, US is India's largest overseas pharma market, with exports rising to $9.8 billion in FY25, up 21% from $8.1 billion the previous year. This accounts for a total of 40% of India's total pharma exports.

Dismissing the traditional model of negotiations, Trump also said "a letter means a deal", with some countries reportedly receiving tariff terms as high as 60–70%. "We're picking a number that's low and fair…could have gone higher," he said, claiming countries are ready to offer complete market access in exchange for tariff waivers.

Trump also signaled that the US will release a list of seven countries facing trade action today, with more to follow. As of now, no official word has come from India on any deal, in the face of Washington's aggressive trade reset.