Trump labels BRICS ‘anti-American’, renews 10% tariff warning

In a fresh threat to the fast-growing BRICS coalition, which now includes 10 nations and was originally represented by Brazil, Russia, India, China, and South Africa, US President Donald Trump said in a social media post that any country aligning itself with the “anti-American policies” of BRICS would face an additional 10 per cent tariff. Trump had threatened BRICS nations of a 100 per cent tariff “if they so much as even think” about reducing the use of the dollar in global trade.

Ever since the US weaponised the global financial infrastructure by excluding Iran (in 2012) and Russia (in 2022) from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), countries around the world have sought to reduce their dependence on the US dollar and the US-led global financial system. Most notably, Russia and China began trading in domestic currency.