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.

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.

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

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.

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.

The letters listed a range of tariffs. Goods entering the U.S. from Japan, South Korea, Malaysia, Kazakhstan, and Tunisia will be subject to a 25 percent levy. There will be a 30 percent levy on South African and Bosnian goods, while imports from Indonesia will be subject to a 32 percent rate.