Trump announced the new tariff on July 6, saying it would apply to any countries aligning themselves with what he termed the ‘anti-American policies’ of the BRICS group. However, BRICS leaders have rejected that allegation.
"When I heard about this group from BRICS, six countries, basically, I hit them very, very hard. And if they ever really form in a meaningful way, it will end very quickly," Trump said without naming the countries. "We can never let anyone play games with us," he was quoted as saying by global newswires.
He is committed to preserving the US dollar's global status as a reserve currency and pledged to never allow the creation of a central bank digital currency in America, Trump said.
Despite Brazil nixing BRICS plans to push for a common currency in February this year, the group is mulling over a cross-border payment system called BRICS Pay that would facilitate trade and financial transactions in local currencies.
The BRICS group expanded last year beyond its core members, i.e., Brazil, Russia, India, China and South Africa, to include other countries like Iran and Indonesia. Leaders at the group's summit in Brazil indirectly criticised US military and trade policies.
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