‘It will end very quickly’: Donald Trump warns BRICS countries of additional tariffs
Washington DC: United States President Donald Trump on Friday (local time) again warned BRICS countries of more tariffs. He earlier accused the 11-member BRICS group of supporting “anti-American policies” following their recent summit, which was held in Brazil. A joint statement issued by the BRICS countries seemed to criticise American military actions in Iran and its trade tariffs that affected global trade.
“When I hear about this BRICS group, basically six countries, I hit them hard. If they ever really form in a meaningful way, it will end very quickly,” Trump said while signing a new cryptocurrency bill into law.
The US President took to Truth Social and wrote that BRICS member countries would face a 10 percent tariff on exports of their products to his country. He is upset with BRICS for trying to reduce the US dollar’s role as the world’s main currency.
“BRICS was put there for a bad purpose..I told them if they want to play games with the dollar, then they are going to be hit by a 100% tariff,” the US President said earlier this year.
In January this year, the US President stated that America needs an assurance from BRICS countries that they will not support any currency to replace USD.
“We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar. Or, they will face 100 per cent Tariffs, and should expect to say goodbye to selling into the wonderful US Economy,” Trump said.
While Brazilian President Lula da Silva and Russian Foreign Minister Sergei Lavrov previously voiced support for a common BRICS currency, India has rejected these proposals. India clarified that BRICS nations are prioritising increased trade using their respective national currencies. Furthermore, India’s External Affairs Minister S Jaishankar explicitly stated last December that India has no intention of weakening the dollar’s global dominance.
On Friday, President Donald Trump said that if his country lost USD’s global status, it would be like losing a world war.
It is worth mentioning that BRICS started as a group of emerging economies. Its members are – Brazil, Russia, India, China, and South Africa, and grew to 11 members two years back in 2023. India’s BRICS membership is a concern for the US. In March this year, American Commerce Secretary Howard Lutnick said it was a problem in US-India relations.
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