Asian equities started the week on a downbeat note, as remarks by President Trump stirred up already-tense markets bracing for tariffs to hit dozens of countries this week.

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 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,

None of the countries targeted in the first batch of letters — the Philippines, Brunei, Moldova, Algeria, Libya, Iraq and Sri Lanka — is a major industrial rival to the United States.

"America will, once again, build a DOMINANT Copper Industry," Trump said in a post on his Truth Social media platform.

Trump announced a 50 percent tariff on all Brazilian goods, escalating a feud over Brazil’s prosecution of former president Jair Bolsonaro. Brazil vowed to retaliate.