US President Donald Trump described BRICS as an “attack” on the US dollar and claimed that he threatened to impose tariffs on countries willing to join BRICS but “backed off”.
BRICS includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. Trump has frequently threatened to impose additional tariffs on the group over what he calls “anti-American” policies.
BRICS countries have expressed serious concern over the increase in unilateral tariff and non-tariff measures that hinder trade. In a bilateral meeting with Argentinian President Javier Milli on Tuesday, Trump said he has a very tough stance on the dollar and that “anybody who wants to transact in dollars” will have an “advantage” over those who don’t want to do so.
“…I told all those who want to join BRICS… ok but we will impose tariffs on your country,” he claimed. Everyone stepped back. They all moved away from BRICS. BRICS is an attack on the dollar.
The US President said he told potential members that if they “want to do that, I will put tariffs on all your products coming into the United States.”
BRICS countries last month expressed concern over trade-restrictive actions in the form of “indiscriminate increase” in tariffs. The Trump administration has imposed tariffs on many countries this year. There is a 50 percent duty on Indian exports.