US President Donald Trump has reiterated his threat to impose tariffs on the BRICS countries and said that the association could be “quickly ended“ if it ever “forms in a meaningful way“, Reuters reported, quoted by BTA.
“When I hear about this BRICS group, basically six countries, I hit them hard. If they ever really form in a meaningful way, it will end very quickly. We can't let anyone play games with us“, Trump said, without naming the countries specifically. The president added that he would continue to protect the dollar's global status as a reserve currency.
Trump announced the new tariffs on July 6, saying they would apply to any country that adhered to what he saw as the BRICS' "anti-American policies." He later said several times that the group was created to harm the United States and the dollar's role as the world's reserve currency. BRICS leaders have rejected claims that the group is anti-American.
In February, Brazil dropped plans to push for a common currency during its presidency this year, but the group is moving forward with work on a cross-border payments system that would facilitate trade and financial transactions in local currencies.
BRICS expanded last year to include new members such as Iran and Indonesia in addition to the current members Brazil, Russia, India, China and South Africa.
At the same time, Trump said the US government would soon announce “some big” trade agreements with other countries.
“When I send a document that they will pay 35 or 40% tariffs, that is an agreement“, he said, signing a law on the regulatory framework for a dollar-linked cryptocurrency.
“Then they will call and see if they can make a slightly different agreement, opening their countries to trade,“, he added.