Washington:
US President Donald Trump has said that BRICS was created for a bad purpose and most people don’t want it. He said that BRICS is dead and reiterated his threat to BRICS nations, saying he would impose a 100 per cent tariff on the bloc if they try to replace the US dollar with any other currency.
While addressing a press briefing on Thursday (local time), he said that the US will not trade with BRICS nations if they want to “play games” and even if any trading is done, it will be conducted at a 100 per cent tariff.
Asked whether he wants to dismantle BRICS or be part of it, Trump responded, “I don’t care, but BRICS was put there for a bad purpose and most of those people don’t want it. They don’t even want to talk about it now. They’re afraid to talk about it because I told them if they want to play games with the dollar, then they’re going to be hit with a 100 per cent tariff. The day they mention that they want to do it and they will come back and say we beg you, we beg you not to do this. BRICS is dead since I mentioned that. BRICS died the minute I mentioned that and I know I remember when Obama and Biden, in particular, I guess he said that oh, they have us over a barrel.”
“They don’t have us over a barrel. We have them over a barrel. If BRICS wants to play games, those countries won’t trade with us. We won’t trade with them and if any trading gets through it’ll be a 100 per cent tariff at least. When they hear that, what do you think they’re going to do? They’re going to say look what happened to BRICS. They didn’t want to talk about it. They don’t they don’t even want to admit that they were a member of BRICS. That’s what’s happened,” he added.
Earlier in January, Trump threatened to impose tariffs on BRICS nations if they try to introduce alternative currency to the US Dollar.
In a post on Truth Social, Trump wrote, “The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER. 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. They can go find another sucker Nation. There is no chance that BRICS will replace the US Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!”
Through this statement, Trump reiterated his position on de-dollarisation, warning that BRICS countries must commit to maintaining the US dollar’s role in global trade or face economic consequences. During the signing ceremony at the Oval Office, Trump had directly warned BRICS countries against moving away from the dollar.
He also rejected the idea that the US was in a vulnerable position, referencing a statement from former President Joe Biden. Trump insisted that the US holds leverage over BRICS countries, stating: “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. And there’s no way they’re going to be able to do that.”
Trump had made similar warnings before assuming office as the US President, stating that BRICS nations would face 100 per cent tariffs on imports to the US if they launched a new currency.
During the plenary session of the 15th BRICS Summit in 2023, Russian President Vladimir Putin called for de-dollarisation, stating that “BRICS countries must expand settlements in national currencies and enhance cooperation between banks.”
In June 2024, BRICS foreign ministers met in Russia’s Nizhny Novgorod, where they advocated for the “enhanced use of local currencies in bilateral and multilateral trades and financial transactions between the member countries.”
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)