Trump Warns BRICS and Threatens More Tariffs
Ex-U.S. President Donald Trump has also severely disparaged the BRICS group. He referred to it as a "small group" and threatened to impose an additional 10% tariff on nations undermining the U.S. dollar.
Remarks on Dollar Dominance and Tariff Policy
Trump addressed this after signing a new bill endorsing cryptocurrency. Speaking at a White House media briefing, he said that BRICS is declining and blamed the group for attempting to devalue the U.S. currency. In his opinion, this is the reason why the U.S. government made a decision to impose new tariffs.
Trump's Declaration on U.S. Currency Status
He declared the U.S. dollar as a global reserve currency and reiterated that the U.S. will guard this position. He declared that if there is a threat to the value of the dollar, it would be considered a loss. Trump cautioned other nations not to challenge the U.S. currency's position.
Expansion of BRICS and Recent Developments
The original members of the BRICS group were Brazil, Russia, India, China, and South Africa. Iran, Ethiopia, Egypt, the United Arab Emirates, and Indonesia later joined the group, renaming it BRICS Plus.
U.S. Response to BRICS Policies
On a recent BRICS summit, member nations slammed the U.S. move to increase tariffs unilaterally. As a reply, Trump declared a fresh 10% tariff on countries supporting policies that he termed as anti-American. He assured that the same tariffs would also be imposed directly on BRICS nations.
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