Iran is expected to soon join the New Development Bank, the lender established by the BRICS nations.
“We are seeking to establish bilateral and trilateral monetary cooperation with member states,” said central bank governor Abdolnaser Hemmati, as per CNBC.
A spokesperson for the New Development Bank told the outlet, “NDB membership is open to members of the United Nations. The Bank’s membership is open to borrowing and non-borrowing member countries. NDB recently welcomed Uzbekistan as its tenth member country, which officially joined the Bank on June 5, 2026.”
Last year, President Trump threatened to impose an additional 10% tariff on countries aligned with BRICS. “Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy,” he wrote on Truth Social at the time. BRICS countries include Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia, Indonesia, and Iran.
Prior to Trump’s statement, BRICS leaders said that the “proliferation of trade-restrictive actions, whether in the form of indiscriminate rising of tariffs and non-tariff measures, or protectionism under the guise of environmental objectives,” threatens to “further reduce global trade, disrupt global supply chains, and introduce uncertainty into international economic and trade activities, potentially exacerbating existing economic disparities and affecting prospects for global economic development.”
Mao Ning, a spokeswoman for the Chinese Foreign Ministry, said during a press briefing that “BRICS is an important platform for cooperation among emerging markets in developing countries,” adding, “On the U.S. tariff hikes, China has made its position clear more than once. Trade wars and tariff wars have no winners, and protectionism leads nowhere.”
