Trump doubles down on 10 % tariffs on BRICS nations, says 'bloc will end quickly'
PTC News Desk: US President Donald Trump has reiterated his threat to slap 10 per cent tariffs on the BRICS nations and mocked the bloc as 'fading out fast'.
While addressing a White House event where he signed cryptocurrency legislation into law, Trump accused the bloc of undermining US' dollar dominance globally. Currently the bloc comprises Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and UAE.
“When I heard about this group from Brics, six countries, basically, I hit them very, very hard,” Trump said. “And if they ever really form in a meaningful way, it will end very quickly. We can never let anyone play games with us.”
Without taking individual names of the countries, Trump maintained that the BRICS nations pose a significant threat to the US economy. “Brics, they wanted to try and take over the dollar, the dominance of the dollar and the standard of the dollar,” he said.
The administration has reportedly set an August 1 deadline for the proposed tariffs to take effect, following an earlier July 9 cutoff for reaching new trade agreements. Trump said he would soon send letters to the countries outlining the proposed rates if no deal is made.
“I hit them very, very hard, and it will end very quickly. I don’t think they’ll do it,” he added, suggesting the Brics coalition lacked the cohesion to mount a serious economic challenge.
- With inputs from agencies
