The reimposition of Trump's higher tariffs, and also retaliatory measures from U.S. trading partners who did not reach a deal in time, threatens to pull global trade back to where it was in April, with widespread disruption, market volatility and looming economic pain.

Trump had accused the BRICS grouping of developing countries of being anti-American and said each member will face the additional tariff charge with 'no exceptions' after the group flagged concerns about rampant unilateral trade practices in its annual summit.

Brazil, Russia, India, China, and South Africa—have voiced strong concerns about the growing use of tariff and non-tariff barriers in global trade.