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What's the truth behind Trump's claim that BRICS is broken up?

What's the truth behind Trump's claim that BRICS is broken up?

India Today3 days ago
Donald Trump claimed in February that all is not well within BRICS and the group has broken up. The US president said that he did not hear from the group even after slamming a tariff as high as 150 per cent. Previously, the day he assumed office in January this year, he had warned BRICS against its efforts to de-dollarise trade. He said that the US would put at least a 100 per cent tariff on the business BRICS nations do with the United States. But, why is the US president so worried about BRICS, even as he feels that the group has 'broken up'?advertisementRising dominance of BRICS as G7 constrictsFrom mere four nations in 2009, BRICS now comprises 10 countries: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the UAE, and Indonesia. The intergovernmental group accounted for 23.7 per cent of the world GDP, based on purchasing power parity, in 2009. It grew to 36.8 per cent in 2024, and is estimated to further expand to 41.8 per cent by 2030. In contrast, the share of the G7 in the world's GDP fell from 36.5 per cent in 2009 to 28.9 per cent in 2024, and is estimated to further fall to 26.3 per cent by 2030.Combined GDP of BRICS nations doubled in five years
BRICS in 2009 had a cumulative GDP of Int$19,611 billion. With South Africa joining the group next year, the combined GDP expanded to Int$22,234 billion. With the addition of four more countries, especially Iran and Egypt, the group's GDP significantly jumped to Int$72,183 billion in 2024.Another massive addition took place in 2025 when Indonesia joined the group and the GDP swelled to Int$82,056 billion. The International Monetary Fund estimates that the group's combined GDP will rise to Int$110,979 billion by 2030.Narrowing gap in exports shareBRICS is now closing the gap in global exports with G7 countries. The gap in the global exports' share of the current BRICS nations and that of G7 nations was 19.3 percentage points in 2009, which narrowed down to a mere 9.6 percentage points in 2024, World Bank data showed.Besides the BRICS nations, Thailand will also attend the 17th BRICS Summit in Rio de Janeiro. This shows the increasing interest of the Global South in cooperating with BRICS. This is not the first time Thailand has joined the BRICS Summit. It first participated in 2017. The Thai government has said that it reaffirms its commitment to deeper cooperation with BRICS, especially in economic development, sustainability, and innovation.Meanwhile, the 2025 BRICS Summit includes discussions about global health cooperation; trade, investment, and finance; climate change; artificial intelligence; governance; multilateral peace system and security architecture; and institutional development. Brazil has planned close to 120 events during the course of its chairship in 2025.- EndsTune InMust Watch
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Evening news wrap: China calls Trump's tariff pointless; MNS leader's son abuses a Marathi woman in a viral video; and more
Evening news wrap: China calls Trump's tariff pointless; MNS leader's son abuses a Marathi woman in a viral video; and more

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  • Time of India

Evening news wrap: China calls Trump's tariff pointless; MNS leader's son abuses a Marathi woman in a viral video; and more

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Tiktok may be ready to move away from China to stay in America: New app and more, what this means for users
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Tiktok may be ready to move away from China to stay in America: New app and more, what this means for users

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Revised US endowment tax hits Ivy League universities, while smaller elite colleges remain unaffected
Revised US endowment tax hits Ivy League universities, while smaller elite colleges remain unaffected

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Revised US endowment tax hits Ivy League universities, while smaller elite colleges remain unaffected

Revised US endowment tax hits Ivy League universities In a sweeping shift to how America's wealthiest universities are taxed, the US Congress has passed new legislation that sharply increases the tax burden on the endowment earnings of large private institutions, while quietly carving out exemptions for smaller but equally well-funded colleges. As part of a major tax and budget package signed by former President Donald Trump , the revised law raises the excise tax rate on endowment income to as much as 8%, up from the previous 1.4%, for the richest universities. But a late-stage amendment now spares around two dozen smaller elite colleges, some with endowments rivaling the Ivies, simply because they enroll fewer than 3,000 full-time students. This last-minute exemption has effectively redrawn the tax map of US higher education, exposing the country's most prominent research universities to higher tax liabilities while offering financial relief to a select group of liberal arts and STEM institutions. Ivy League universities face higher tax rates Under the new tax structure, institutions with endowments exceeding $2 million per student will now pay an 8% excise tax on their investment earnings. Those with endowments between $750,000 and $2 million per student will pay 4%, while those between $500,000 and $750,000 will continue at the 1.4% rate first introduced in 2017. Based on 2023 data, at least 11 institutions are expected to move into the higher tax brackets. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play this game for 1 minute and see why everyone is crazy about it Undo Princeton, Yale, and MIT are likely to face the full 8% rate, while Harvard, Stanford, Dartmouth, and Vanderbilt fall into the 4% category. Another five—including Duke, Penn, and Brown—are expected to maintain the current 1.4% tax rate. Small but elite colleges secure exemption In a development that has sparked debate, colleges with fewer than 3,000 full-time, tuition-paying students will be entirely exempt from the tax, regardless of how large their endowments are. This clause, introduced during Senate negotiations, benefits institutions such as Swarthmore, Amherst, Wellesley, Caltech, and Hillsdale College. Though some of these schools have endowments worth more than half a million dollars per student, their limited enrollment shields them from the tax that now affects their larger counterparts. Grinnell College in Iowa, for instance, with just under 1,800 students and a significant endowment, is projected to save approximately $2.4 million annually under the new rules. How politics shaped the exemption Originally, the House version of the bill aimed to penalize universities viewed as politically or ideologically out of step with Republican leadership. Proposals to exclude foreign students from headcounts and exempt religious or non-federally funded institutions were blocked by the Senate Parliamentarian, citing procedural violations under the Byrd rule. The final compromise focused on enrollment numbers—a decision widely seen as a workaround to protect Hillsdale College, a conservative institution with outsized influence in Republican circles. However, the exemption also unintentionally benefited several progressive-leaning liberal arts colleges, highlighting the unpredictable consequences of last-minute legislative negotiations. Uncertain future for college endowment policy While the exemption is a relief for small colleges today, policy experts caution that these protections may not hold. With the new law expected to generate $761 million in additional tax revenue from colleges over the next decade, far below the $6.7 billion projected under the original proposal, the debate around taxing higher education endowments is far from settled. For now, the revised tax law delivers a clear message: size matters. Large, resource-rich universities will pay more, while smaller but well-endowed colleges, regardless of their ideological orientation, have successfully sidestepped the financial hit, at least for now. Ready to navigate global policies? Secure your overseas future. Get expert guidance now!

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