US President Donald Trump on Friday mocked the Brics group as a “little group” that is “fading out fast”. He also reiterated his warning from earlier this month of a 10 per cent tariff on any nation aligning with Brics, which he described as following “anti-American policies”. The MAGA chief also claimed credit for weakening the group’s efforts to rival the US dollar’s dominance.Speaking while signing the GENIUS Act into law, Trump said, “There is a little group called Brics, and it is fading out fast. But Brics tried and wanted to take over the Dollar and the dominance of the Dollar and the standard of the Dollar. I said that anybody in the Brics consortium of nations, we are going to tariff you 10 percent and they had a meeting the following day, and almost nobody showed up.”Trump, speaking firmly about his approach to global economic rivals, added, “When I heard about this group of six countries in Brics, I hit them very hard, and if they ever really form in a meaningful way, it will end very quickly.” Trump did not name the countries directly but said, “We can never let anyone play games with us.”Trump said protecting the global reserve status of the US dollar is of the highest priority. “We are not going to let the Dollar slide… If we lost the status of the Dollar as the world’s reserve currency, it would be like losing a World War,” he said.
‘GENIUS Act, They named it after me!’: Trump
Trump’s comments came as he signed into law the S.1582 GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act), which sets up a regulatory framework for payment stablecoins. Trump hailed the law as a major step in cementing American leadership in global finance and cryptocurrency.“This afternoon, we take a giant step to cement American dominance in global finance and Crypto technology, as we sign the landmark GENIUS Act into law,” Trump said. “They named it after me. This is hell of an act!”Addressing the crypto community, Trump said, “For years, you were mocked and dismissed and counted out… this signing is a massive validation of your hard work and your pioneering spirit and your ability to never give up… Congratulations on this incredible achievement!”He reiterated his commitment to prevent a US central bank digital currency. “I also remain fully committed to my pledge never to allow the creation of a Central Bank Digital Currency in America. It won’t happen,” he said.Treasury secretary Scott Bessent praised Trump’s move, saying it would help maintain the US dollar’s place as the global reserve currency.
Brics denies being anti-American
Meanwhile, Trump has singled out Brazil for additional penalties, including a 50 per cent tariff on imports starting in August, citing “unfair” trade practices. He had earlier announced the 10 per cent tariff on July 6, targeting any country supporting Brics.The Brics group has recently expanded to include countries like Iran and Indonesia and has denied being anti-American. While Brazil has stepped back from pushing a common currency, the bloc continues to develop Brics Pay, a cross-border payment system aimed at promoting trade in local currencies.Despite Trump’s repeated claims, no evidence has been presented to show Brics aims to undermine the dollar or harm the US.
