Trump asserts his tariff threat 'broke up' BRICS

US President Donald Trump has reaffirmed his commitment to impose tariffs on BRICS nations should the coalition move forward with a common currency. Read Full Article at RT.com.

Trump asserts his tariff threat 'broke up' BRICS
US President Donald Trump has reaffirmed his commitment to reducing trade with members of the BRICS bloc if they attempt “to destroy” the dollar.

Speaking at a Republican Governors Association meeting on Thursday, Trump remarked that his warning about imposing tariffs on BRICS was effective in "breaking up" the economic alliance. He outlined his accusation that BRICS is “trying to destroy our dollar” and reiterated his intention to cut trade with its members if they pursue a common currency.

Since being re-elected in November, Trump has issued several warnings concerning BRICS. He has expressed that the bloc's efforts to decrease reliance on third-party currencies and enhance the use of their own national currencies poses a threat to the supremacy of the US dollar.

“When I came in, the first thing I said is, any BRICS state that even mentions the destruction of the dollar will be charged a 150% tariff… And the BRICS states just broke up... We haven’t heard from the BRICS states lately,” Trump stated recently. He also noted that the previous administration, led by Joe Biden, viewed BRICS as a threat but failed to take action against it, claiming that his own threat shifted the situation.

“They said, sir, what about the BRICS states? They’re going to take over the dollar, the sanctity of the dollar. They’re going to create a new currency to rule the world. I said, no, they’re not… Tell them 150% tariff. Plus, we’re not going to do business with them,” Trump emphasized, increasing his tariff threat from the previously stated 100%.

Currently, BRICS consists of ten member countries and represents around 36% of global GDP. In recent years, the bloc has intensified efforts to minimize dependence on Western currencies, particularly following the West’s sanctions on Russia in response to the escalation of the Ukraine conflict in 2022, which effectively excluded Russia from the Western financial system.

While there has been speculation surrounding the possibility of a single currency within BRICS, most member states have denied any discussions on the matter. Nonetheless, BRICS countries have increased the use of their own currencies in trade to better protect their interests. They argue that the US is undermining the dollar through its politicization and sanctions.

BRICS member nations are currently convening in South Africa for the G20 foreign ministers' meeting scheduled for February 20-21. Ahead of this gathering, Russian Foreign Minister Sergey Lavrov remarked that the G20 brings together “like-minded BRICS countries and other countries of the Global South and East” and should serve to guide “Western colleagues to work productively together, rather than to impose their unilateral approaches.”

The US is not participating in the meeting, with Secretary of State Marco Rubio asserting that South Africa is engaging in “very bad things” by advocating for solidarity, equality, and sustainability within the G20.

Rohan Mehta contributed to this report for TROIB News