US President Donald Trump slammed the BRICS grouping, calling it a “little group” trying to challenge the “dominance of dollar.” He warned that member nations, Brazil, Russia, India, China, and South Africa could face a 10% tariff if they pursue such efforts.“You have this little group called BRICS. It’s fading out fast, but BRICS is, they wanted to try and take over the dollar, the dominance of the dollar, and the standard of the dollar,” Trump told reporters at the White House on Friday.Speaking during the signing of the GENIUS Act, the first US law creating a regulatory framework for stablecoin cryptocurrencies, Trump said, “No, we’re not going to let the dollar slide. If we have a smart president, you’re never going to let the dollar slide.”“If you have a dummy, that could happen,” he added.He further warned that, “anybody that’s in the BRICS consortium of nations, we’re going to tariff you 10 per cent.”Trump said BRICS nations held a meeting the next day, but “almost nobody showed up” because “they didn’t want to be tariffed. It’s amazing,” he remarked.
Trump underscored the importance of protecting the US dollar and said that it must remain the world’s reserve currency “for generations to come,” calling it “so important.”He warned, “If we lost that, that would be like losing a world war.”“We can never let anyone play games with us, and that’s why when I heard about this group from BRICS- six countries basically, I hit them very, very hard and if they ever form, if they ever really formed in a meaningful way, it will end very quickly… I don’t think they’ll even do it. They’re virtually afraid of me,” Trump added.This marks the second time in 10 days that Trump has issued a tariff threat to BRICS nations amid growing global discussions around alternatives to the dollar in international trade.Trump initially issued the warning on July 6, accusing the BRICS group — now expanded to include Egypt, Ethiopia, Iran, and the UAE, of trying to “hurt” the US and “degenerate” the dollar.Despite Trump’s repeated claims, no evidence has been presented to show Brics aims to undermine the dollar or harm the US.The 17th BRICS Summit, held in Rio de Janeiro on July 6-7, included a declaration that indirectly criticised the US, expressing serious concern over unilateral tariff hikes. Meanwhile, India and the US concluded the fifth round of talks for a proposed bilateral trade agreement (BTA) in Washington on July 17.Led by India’s chief negotiator Rajesh Agrawal, the four-day negotiations aim to finalise an interim trade deal before the August 1 deadline, when the suspension of Trump-era tariffs, including a 26% levy on Indian exports, is set to expire.
