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Trump Asserts BRICS 'Is No More' in Light of Tariff Threats.
US President Donald Trump cautions BRICS countries about significant tariffs should they seek currency alternatives to the US dollar.
US President Donald Trump has proclaimed the BRICS group, consisting of Brazil, Russia, India, China, and South Africa, to be 'dead,' citing his belief that it was established for a 'bad purpose.' In a press briefing on Thursday, Trump reiterated his warning of a potential 100% tariff on BRICS countries if they attempt to substitute the US dollar with another currency in international commerce.
Trump's comments particularly addressed the bloc's rumored intentions to create alternative trading frameworks that challenge the dollar's supremacy.
‘The US will not engage in trade with BRICS nations if they wish to play games,’ Trump asserted, implying that any future trade transactions would face extraordinarily high tariffs.
He continued, 'Those countries won't trade with us. We won't trade with them,' indicating serious economic repercussions for nations participating in BRICS activities that threaten the dollar's preeminence.
The president's statements arise amid growing discussions among BRICS members about the possibilities of reducing reliance on the dollar.
Earlier in January, Trump warned through his platform, Truth Social, of his plans to impose tariffs on BRICS nations pursuing a new currency, insisting that such actions would not go unanswered by the United States.
During the 15th BRICS Summit in 2023, Russian President Vladimir Putin highlighted the need for member nations to enhance trade in their national currencies and strengthen banking collaboration.
In June 2024, BRICS foreign ministers gathered in Nizhny Novgorod, Russia, promoting the increased utilization of local currencies in both bilateral and multilateral trade.
Referencing remarks made by former President Joe Biden about the US's economic position, Trump emphasized that the United States holds considerable influence over BRICS countries.
He stated, 'It's not even a threat. In fact, since I made that statement, Biden said they have us over a barrel. I said, No, we have them over a barrel.'
Historically, Trump's viewpoint mirrors a wider skepticism towards multilateral agreements and alternative economic frameworks that may weaken the US dollar's long-established role as the leading currency in global trade.
Trump's comments particularly addressed the bloc's rumored intentions to create alternative trading frameworks that challenge the dollar's supremacy.
‘The US will not engage in trade with BRICS nations if they wish to play games,’ Trump asserted, implying that any future trade transactions would face extraordinarily high tariffs.
He continued, 'Those countries won't trade with us. We won't trade with them,' indicating serious economic repercussions for nations participating in BRICS activities that threaten the dollar's preeminence.
The president's statements arise amid growing discussions among BRICS members about the possibilities of reducing reliance on the dollar.
Earlier in January, Trump warned through his platform, Truth Social, of his plans to impose tariffs on BRICS nations pursuing a new currency, insisting that such actions would not go unanswered by the United States.
During the 15th BRICS Summit in 2023, Russian President Vladimir Putin highlighted the need for member nations to enhance trade in their national currencies and strengthen banking collaboration.
In June 2024, BRICS foreign ministers gathered in Nizhny Novgorod, Russia, promoting the increased utilization of local currencies in both bilateral and multilateral trade.
Referencing remarks made by former President Joe Biden about the US's economic position, Trump emphasized that the United States holds considerable influence over BRICS countries.
He stated, 'It's not even a threat. In fact, since I made that statement, Biden said they have us over a barrel. I said, No, we have them over a barrel.'
Historically, Trump's viewpoint mirrors a wider skepticism towards multilateral agreements and alternative economic frameworks that may weaken the US dollar's long-established role as the leading currency in global trade.
