RIO DE JANEIRO (AP) — Brazilian President Luiz Inácio Lula da Silva said Thursday that he will impose retaliatory tariffs on the United States if President Donald Trump follows through on a pledge to boost import taxes by 50% over the South American country’s criminal trial against his predecessor, Jair Bolsonaro.

The United States has a trade deficit with Iraq, Algeria, Libya and Tunisia, according to the US government, prompting the president to send them letters warning of new tariffs.

President Trump accused the BRICS alliance of aiming to undermine the US dollar, warning that member countries would face a 10% tariff. He downplayed the bloc's threat, asserting the dollar's dominance and stating that any challenges would come at a high cost.

Trump and his aides have repeatedly shifted their stance on tariffs in the weeks since the president’s “Liberation Day” announcement.

Markets are seeking clarity on President Trump's tariffs, with the president targeting Aug. 1 for new country-specific tariffs.

The BRICS bloc of developing nations adopted a declaration on Sunday condemning increased unilateral tariffs — but avoided mentioning the United States or President Trump by name. The group’s

The BRICS bloc of developing nations on Sunday condemned the increase of tariffs and attacks on Iran, but refrained from naming U.S. President Donald Trump. The group's declaration, which also took aim at Israel's military actions in the Middle East,

U.S. President Donald Trump has launched a global trade war with an array of tariffs that target individual products and countries. Trump has set a baseline tariff of 10% on all imports to the United States,