&w=3840&q=100)
Trump says Brics aims to hurt us, threatens 10% tariff on member nations
Press Trust of India New York/Washington
President Donald Trump on Tuesday claimed that BRICS was established to hurt" the US and "degenerate" the dollar as he warned that the member countries of the bloc would face a 10 per cent tariff.
Trump made the remarks while talking to reporters at the sixth Cabinet meeting at the White House.
They have to pay 10 per cent if they are in BRICS, he said.
Trump said BRICS was set up to hurt us" and "degenerate our dollar and take the dollar off as the standard.
And that's okay if they want to play that game, but I can play that game too. So anybody that's in BRICS is getting a 10% charge, he said, adding that this will be happening pretty soon.
Well, if they're a member of BRICS, they're gonna have to pay a 10% tariff. Just for that one thing, Trump said.
Trump claimed that BRICS "largely broke up" but there are a couple that hang around".
BRICS is not, in my opinion, a serious threat. But what they're trying to do is destroy the dollar so that another country can take over and be the standard, and we're not going to lose the standard at any time, he said, adding, "If you have a smart president, you will never lose the standard." If we lost the world standard dollar, that would be like losing a war, a major world war; we would not be the same country any longer. We're not going to let that happen...dollar is king, we're going to keep it that way.
If people want to challenge it, they can, but they're going to have to pay a big price, and I don't think any of them are willing to pay that price, Trump said.
Leaders of the BRICS nations -- Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, United Arab Emirates, Ethiopia, Indonesia, and Iran -- met in Brazil for the 17th BRICS Summit on July 6-7.
Trump on Sunday threatened to impose an additional 10 per cent tariff on countries aligning themselves with the anti-American policies of the BRICS grouping.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
25 minutes ago
- Mint
Trump backs new Russia sanctions bill that could place 500% tariff on India
US President Donald Trump said on Tuesday that he would strongly consider backing a new Russia sanctions bill that aims to force Russian President Vladimir Putin to negotiate an end to the Ukraine war. The bill, which was introduced in the US Senate earlier this year, proposes a 500% tariff on countries like India which purchase Russian energy products. 'I'm looking. It's totally at my option. They pass it totally at my option, and to terminate totally at my option. And I'm looking at it very strongly,' said Trump on Tuesday to reporters during a Cabinet meeting. The American leader also expressed mounting frustration at Russia's Putin for refusing to end the conflict with Ukraine. Trump recently directed the America's Defence Department to send more defensive weapons to Ukraine. The Sanctioning Russia Act of 2025 was introduced in the US Senate in April this year by Senator Lindsey Graham, a close political ally of President Trump. The bill proposes steep 500% American tariffs on goods and services exports from countries that purchase Russian-origin oil, natural gas, uranium and petroleum products. It also pushes for expanded sanctions against Russian businesses, government institutions and top policymakers. Senator Graham, who is steering the bill through Congress, has said the bill will target countries like India and China. 'I've got 84 co-sponsors for a Russian sanctions bill that is an economic bunker buster against China, India, and Russia for Russia's brutal invasion of Ukraine. I think that bill's going to pass,' Graham said in a television interview in June. With President Trump's backing, the bill could move fast. Republican Senate Majority Leader John Thune said there was 'a lot of interest' in the new Russia sanctions bill and said more announcements could be made later this week. The proposed bill allows the President of the United States to issue a one-time waiver of 180 days to a particular country in case ' the President determines that such a waiver is in the national security interests of the United States'. According to reports in the American media, the bill is being changed to allow the President to issue a waiver a second time. India was the second largest buyer of Russian fossil fuels in May , according to the Centre for Research on Energy and Clean Air. It estimated that India purchased fossil fuels worth €4.2 billion from Russia in May, with crude oil amounting to 72% of the total. India is closely tracking the bill and the Indian Embassy is in touch with Senator Graham regarding the bill, said External Affairs Minister S Jaishankar during his visit to Washington earlier this month. 'Regarding Senator Lindsey Graham's bill, obviously, any development, which is happening in the US Congress is of interest to us, if it impacts our interest or could impact our interest. So we have been in touch with Senator Graham. The embassy and the ambassador have been in touch. I think our concerns and our interests on energy security have been made conversant to him, so we'll then have to cross that bridge if we come to it,' Jaishankar told reporters in Washington.
Mint
25 minutes ago
- Mint
Oil Steady as Traders Weigh Rising US Stockpiles, Trump's Levies
Oil steadied as traders weighed a large increase in US crude stockpiles and a wave of new tariff rates from President Donald Trump. Brent held near $70 after closing little changed on Wednesday, while West Texas Intermediate was around $68. US inventories rose by about 7.1 million barrels last week, the biggest build since January, according to official data. Stockpiles at the Cushing storage hub expanded for the first time since May. The market continues to monitor a flurry of tariff demand letters being issued by Trump, with Brazil the latest to be slapped with high levies, following threats on copper imports and other countries. The president's trade regime and vows of retaliation by targeted nations has rattled global markets. Oil is still marginally higher this week, despite a decision by OPEC on Saturday to raise output more than expected in August. The group is betting on robust summer demand to help absorb the extra barrels, but there are concerns the market is facing a glut later in the year as peak consumption declines. Traders are also keeping an eye on any escalation of tensions in the Middle East after Tehran-backed Houthi militants intensified their attacks on ships in the Red Sea, sinking two vessels and killing sailors. The hostilities follow a conflict between Israel and Iran, which is currently subject to a fragile truce. 'Despite a barrage of headlines, the market seems stuck in a holding pattern,' said Priyanka Sachdeva, a senior market analyst for brokerage Phillip Nova Pte in Singapore. 'Until either demand strengthens materially or supply shocks escalate meaningfully, crude may continue to drift sideways.' This article was generated from an automated news agency feed without modifications to text.
Mint
26 minutes ago
- Mint
Six US Secret Service agents suspended for lapse during Donald Trump Butler assassination attempt
Six Secret Service agents have been suspended without pay for lapses connected to last year's assassination attempt on US President Donald Trump during a rally in Butler, Pennsylvania. According to Secret Service Deputy Director Matt Quinn, the suspensions range from 10 to 42 days. While the agents will not be dismissed, they will be reassigned to roles with reduced operational responsibilities once they return to duty, the New York Post reported. 'We aren't going to fire our way out of this,' Quinn told the outlet. 'We're going to focus on the root cause and fix the deficiencies that put us in that situation.' During a campaign rally at the Butler Farm Show grounds on July 13, 2024, Trump, then the presumptive Republican nominee, was grazed in the ear by a bullet fired by 20-year-old would-be assassin Thomas Matthew Crooks. The shot left Trump visibly bloodied. Firefighter Corey Comperatore was fatally shot while protecting his family, and two others sustained serious injuries. Crooks had positioned himself on an unsecured rooftop with a direct view of the stage before being neutralized by a Secret Service sniper. A second assasination attempt against Trump took place two months later at the president's Palm Beach, Fla., golf course. 'Butler was an operational failure and we are focused today on ensuring that it never happens again,' Matt Quinn told CBS News. However, earlier in September 2024, in a post on his own social media platform, Truth Social, Donald Trump thanked the US Secret Service and other law enforcement officials for keeping him safe during the assassination attempt. 'THE JOB DONE WAS ABSOLUTELY OUTSTANDING. I would like to thank everyone for your concern and well wishes — It was certainly an interesting day! Most importantly, I want to thank the US Secret Service, Sheriff Ric Bradshaw and his Office of brave and dedicated patriots, and, all of the law enforcement, for the incredible job done today at Trump International in keeping me, as the 45th President of the United States, and the Republican nominee in the upcoming presidential election, SAFE,' he wrote.
