US President Donald Trump said once they threatened the BRICS nations with “150 per cent tariff”, the bloc broke up. He said after the reciprocal tariff threat, the US has not heard from the BRICS nations again.
BRICS is an intergovernmental organisation, named after the initial members – Brazil, Russia, India, China, South Africa – which also includes Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates now.
“BRICS states were trying to destroy our dollar. They wanted to create a new currency. So when I came in, the first thing I said was any BRICS state that even mentions the destruction of the dollar will be charged a 150% tariff, and we don’t want your goods and the BRICS states just broke up,” said Trump.
The US president said they have since not heard from the group. “I don’t know what the hell happened to them. We haven’t heard from the BRICS states lately,” Trump said.
Trump had earlier this month said the BRICS nations could face 100 per cent tariffs from the US if they play “games with the dollar”. "If any trading gets through, it'll be 100% tariff, at least," he said about BRICS nations setting up their own currency. He then said that the idea of undermining the dollar was “dead” now.
TRUMP’S TARIFFS
Since his return to the Oval Office, Trump has initiated numerous tariffs and made other threats to impose taxes on imported goods. Trump has asked his economics team to devise plans for reciprocal tariffs on every country that taxes US imports. Economists believe that Trump's tariffs are likely to result in inflationary pressures with importing businesses passing on the added costs to the consumers.
Experts have also warned of a resultant worldwide trade war.
Trump announced 25 per cent duties on imports from Mexico and Canada as a retaliation for migration and fentanyl trafficking. However, the imposition was paused till March 4, pending negotiations. He also announced a 10 per cent tariff against China, who said they would retaliate on some US goods.
He also threatened Russia and "and other participating countries" with taxes, tariffs and sanctions if they don’t end the war with Ukraine soon.
INDIA TARIFFS
Prime Minister Narendra Modi met with Trump this month to discuss easing tariffs, buying more US oil, gas and combat aircraft, and potential concessions.
Trump has repeatedly complained about India’s high tariffs, often calling it ‘tariff king’. India imposes the highest tariffs on US exports of any major US trading partner.