President Donald Trump threatened to add a 10% tariff rate on BRICS-aligned countries. The term first applied to 4 countries but the group expanded.

The U.S. president has threatened a 10 percent tariff on any country aligned with the BRICS bloc, a potential blow to Russia.

But since Tuesday, when Donald Trump said in a cabinet meeting that imported pharmaceuticals would face a massive levy, investors have been cautiously celebrating. Despite a broad stock selloff on Friday, the NYSE Arca Pharmaceutical Index is up around 1% over the past week, compared with a basically flat performance for the S&P 500.

Trump announces plans for 10% tariff on BRICS alliance members, calling them "anti-American" while the bloc criticizes unilateral tariffs and attacks on nuclear facilities.

President Trump and Congress are threatening harsh sanctions against Moscow for its three-year war in Ukraine.

U.S. President Donald Trump on Sunday threatened to impose additional tariffs on any group linked with the BRICS intergovernmental organization after the group expressed "serious concerns" about him unilaterally imposing tariffs.