NEW YORK– U.S. President Donald Trump reaffirmed his threat to impose an additional 10% tariff on all BRICS member nations, accusing the group of trying to undermine the U.S. dollar. Speaking at a Cabinet meeting on Tuesday, Trump warned, “Anybody that’s in BRICS is getting a 10% charge”—a statement that includes India, despite his recent comments about a forthcoming trade deal with the country.
Trump also announced plans for a steep 200% tariff on pharmaceutical imports, another move that could significantly affect India, which exported nearly $9 billion worth of pharmaceuticals to the U.S. last year. However, he said there would be a grace period before the tariff takes effect.
“We’ll give them a certain period of time—about a year, year and a half—to get their act together,” he said, referring to pharmaceutical companies.
When asked by a reporter about the apparent contradiction between his planned India trade deal and the BRICS tariff, Trump replied, “Anybody that’s in BRICS is getting a 10% charge. If they’re a member of BRICS, they’re gonna have to pay a 10% tariff just for that one thing. And they won’t be a member for long.”
India has taken a strong stance against the creation of a BRICS common currency designed to compete with the U.S. dollar. In March, External Affairs Minister S. Jaishankar said, “I don’t think there’s any policy on our part to replace the dollar.” He emphasized the dollar’s role in global financial stability, stating, “At the end of the day, the dollar as the reserve currency is the source of international economic stability, and right now, what we want in the world is more economic stability, not less.”
In a letter sent Monday to South Africa—a fellow BRICS member—Trump warned that the country would face a 30% tariff starting next month, though the letter made no mention of the BRICS-specific surcharge. On Tuesday, however, he declared that the BRICS tariff would be implemented “soon.”
Despite India’s opposition to the BRICS currency, Trump continued to characterize the bloc as hostile to American interests.
“BRICS was set up to hurt us. BRICS was set up to degenerate our dollar and take our dollar off as the standard,” Trump asserted. “And that’s okay if they want to play that game—but I can play that game too.”
He claimed the BRICS alliance was already faltering, saying, “BRICS, in my opinion, largely broke up. Only a couple of countries are hanging around. It’s not, in my opinion, a serious setup.”
Still, Trump warned that the group’s aim was to dethrone the U.S. dollar as the global reserve currency—something he equated with a strategic defeat. “We’re not going to lose the standard,” he said firmly.
India’s resistance to a BRICS currency reportedly stems from fears that China would dominate and manipulate it for its own gain. (Source: IANS)
