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Washington: US President Donald Trump on Tuesday announced that countries part of BRICS group, which includes India, China, Russia, Brazil, and South Africa, will face a 10% tariff if they try to weaken the US dollar. He said the bloc was created to hurt America and replace the dollar as the global standard.
Trump said, “They (India) have to pay 10 per cent if they are in BRICS… that is okay if they want to play their game, I can play their game too.” He made it clear that any country trying to move away from using the US dollar will face consequences.
Trump accused BRICS of trying to "destroy" the dollar so another country’s currency can take over as the global standard. He insisted that this would not be allowed. “We are not gonna lose the standard,” he said.
While downplaying BRICS as a threat, Trump claimed the group has already started breaking apart. “I said it a year ago… it largely broke up,” he said, although he admitted some members are still active.
He also criticised Joe Biden, without naming him directly, saying the US needs a smart leader to protect the dollar’s position in the world. According to Trump, losing the dollar's global role would be as serious as losing a world war. “The dollar is king. We are gonna keep it that way,” he added.
Trump’s comments come as BRICS countries continue to discuss alternative payment systems and possible new currencies to reduce dependence on the US dollar.
