Trump calls Brics an attack on dollar, warns of tariffs on member nations

US President Donald Trump said that "Brics was an attack on the dollar" and noted that countries that want to deal in dollars have an "advantage" over those that do not. He categorically asserted that the US will impose tariffs on countries that wish to join the ten-member bloc.

Trump made the remarks during a bilateral lunch with Argentine President Javier Milei at the White House.

"I'm very strong on the dollar, and anybody that wants to deal in dollars, they have an advantage over people that aren't," Trump said. "I told anybody that wants to be in Brics, that's fine, but we're going to put tariffs on your nation... Everybody dropped out. They're all dropping out of Brics."

"Brics was an attack on the dollar and I said, you want to play that game, I'm going to put tariffs on all of your products coming into the US. They said, like I said, we're dropping out of Brics...They don't even talk about it anymore," he added.

The grouping, originally formed by Brazil, Russia, India, and China, has now expanded to ten full members: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the UAE, and Indonesia.

Trump has previously labelled Brics as a coalition of countries working against US interests. "Brics, which is basically a group of countries that are anti-United States, and India is a member of that, if you can believe it. It's an attack on the dollar, and we're not going to let anybody attack the dollar," he said in an earlier statement.

However, India's position on the dollar remains clear. In response to rising speculation, External Affairs Minister S Jaishankar has emphasised that India has no intention of challenging the dollar's global role.

"Regarding the role of the dollar, we are realistic. We have no issue with the dollar, and our relations with the US are at their best. We have no interest in undermining the dollar," Jaishankar said.