Donald Trump calls BRICS ‘fading out fast,’ repeats '10% tariff' threat
US President Donald Trump warned BRICS nations of a potential 10% tariff if they challenge the US dollar's dominance.
US President Donald Trump on Friday reiterated his warning to countries aligned with the BRICS economic bloc, saying their goods could face an additional 10 per cent tariff if they challenge the dominance of the US dollar.
Speaking at a White House event where he signed new cryptocurrency legislation into law, Trump accused the BRICS grouping of attempting to undermine the dollar's global role.
“We have this little group called BRICS, which is fading out fast,” he said. “BRICS, they wanted to try and take over the dollar, the dominance of the dollar and the standard of the dollar.”
Trump claimed that attendance at a BRICS meeting dropped following his warning on tariffs. “They didn't want to be tariffed,” he said, adding, “I hit them very, very hard, and it will end very quickly. I don't think they'll do it. They're virtually afraid to meet,” reported news agency ANI.
The BRICS alliance which was originally made up of Brazil, Russia, India, China, and South Africa has expanded last year to include Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the UAE. While the bloc has discussed promoting local currencies in trade, members have expressed divergent views on reducing dependence on the US dollar.
India recently clarified its position on the proposed move, on July 17, ministry of external affairs spokesperson Randhir Jaiswal said, “Cross-border payments, yes, BRICS have talked about local currencies, but de-dollarisation is not something that is there on the agenda.”
{{/usCountry}}India recently clarified its position on the proposed move, on July 17, ministry of external affairs spokesperson Randhir Jaiswal said, “Cross-border payments, yes, BRICS have talked about local currencies, but de-dollarisation is not something that is there on the agenda.”
{{/usCountry}}The US has set August 1 as the deadline for implementing the new tariff measures, following an earlier July 9 cut-off for finalising trade agreements. Trump said countries would be formally notified about tariff rates if no deals are reached.
{{/usCountry}}The US has set August 1 as the deadline for implementing the new tariff measures, following an earlier July 9 cut-off for finalising trade agreements. Trump said countries would be formally notified about tariff rates if no deals are reached.
{{/usCountry}}This marks the second time Trump has issued such a warning. In 2024, he threatened 100 per cent tariffs if BRICS nations pursued plans to introduce a rival currency. His latest remarks reflect his administration’s continued use of aggressive trade policies to defend US financial interests.
Tariff warning after BRICS slams US strikes on Iran
{{/usCountry}}This marks the second time Trump has issued such a warning. In 2024, he threatened 100 per cent tariffs if BRICS nations pursued plans to introduce a rival currency. His latest remarks reflect his administration’s continued use of aggressive trade policies to defend US financial interests.
Tariff warning after BRICS slams US strikes on Iran
{{/usCountry}}Earlier this month, Donald Trump warned of an additional 10 per cent trade tariff on countries supporting what he called the “anti-American policies of BRICS,” following the bloc’s criticism of recent US military action in Iran.
In a post on his social media platform, Truth Social, Trump declared that the new tariff policy would apply broadly. “There will be no exceptions,” he wrote.
The warning came shortly after BRICS adopted a joint declaration condemning “unilateral” tariffs and criticising the US strikes on Iran. The declaration also raised alarm over the worsening humanitarian crisis in Gaza and urged Israel to withdraw its forces from Gaza and other “Occupied Palestinian Territory.”
