🚨 Gold Drops as Trump Threatens New Tariffs on BRICS
Gold prices fell 0.9% to around $3,306/oz after former U.S. President Donald Trump hinted at a new 10% tariff on BRICS nations adopting anti-American policies. Traders are closely watching for shifts in U.S. trade policy.
In Indonesia, Antam gold dropped by Rp7,000 to Rp1,841,000 per gram on Monday (July 7). Meanwhile, the U.S. dollar strengthened against the rupiah to Rp16,219, up from Rp16,185.
Any country aligned with anti-American BRICS policies will face a 10% tariff. No exceptions,” Trump posted on Truth Social
🌍 What is BRICS?
BRICS is a group of emerging economies: Brazil, Russia, India, China, South Africa, and others — including Indonesia. Together, they represent nearly half the world's population and 40% of global GDP.
Recently, BRICS leaders met in Rio de Janeiro, warning that Trump’s tariffs could destabilize the global economy.
They expressed serious concern over unilateral tariffs and non-tariff barriers, calling them illegal and arbitrary. As a response, BRICS is discussing cross-border payment systems and looking to reduce dependence on the U.S. dollar.
Trump fired back, threatening a 100% tariff if BRICS proceeds with de-dollarization. Ironically, the pressure seems to have accelerated their push toward local payment systems and trade instruments.
