‘Little group called BRICS’ wants to take over dollar dominance, claims Trump
Terming the BRICS as a ‘little group’ that wants to take over the “dominance of the dollar,” US President Donald Trump has threatened to impose 10 per cent tariffs on the bloc’s member nations if they did so.
This is the second time in ten days that President Trump has threatened the member countries of BRICS – Brazil, Russia, India, China, and South Africa – with 10 per cent tariffs.
“…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 Friday.
“And I said anybody that’s in the BRICS consortium of nations, we’re going to tariff you 10 per cent,” Trump said during an event to sign the GENIUS Act, the first cryptocurrency bill made into law, which establishes a regulatory framework for stablecoin cryptocurrencies.
Weeks after Trump’s initial announcement of reciprocal tariffs on countries across the globe, the BRICS bloc during the two day summit in Rio De
Janeiro earlier in the month, took indirect swipe at the US and raised serious concerns about the unilateral tariff hike.
The tariff hike was inconsistent with the World Trade Organisation rules, it said and added that it will threaten global trade, the BRICS declaration on July 6 said.
On July 8, President Trump claimed that BRICS was established to “hurt” the US and “degenerate” the dollar and warned that the member countries of the bloc would face a 10 per cent tariff.
On Friday, Trump reiterated his concern about dollar as he said, the BRICS nations “had a meeting the following day and almost nobody showed up… they didn’t want to be tariffed. It’s amazing.”
“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,” Trump said.
Underscoring the dollar’s status as the world’s reserve currency “for generations to come”, Trump said, “If we lost that, that would be like losing a world war.”
“We can never let anyone play games with us.”
World