Trump Claims BRICS `Fading Out Fast’ in Wake of His 10% Tariff Threat for Group

"And you know, you have this little group called BRICS. It's fading out fast," Trump asserted as he signed a bill to regulate cryptocurrency at a ceremony in the White House on Friday. "BRICS wanted to try and take over the dollar, the dominance of the dollar, and the standard of the dollar. And I said, anybody that's in the BRICS consortium of nations, we're going to tariff you 10% and they had a meeting the following day, and almost nobody showed up," he continued without specifying exactly which meeting he was referring to, TASS reported.

"No, we're not going to let the dollar slide. If we have a smart president, you're never going to let the dollar slide. If you have a dummy that could happen, like the last one, he would if you ever asked him about the dollar slide, he would have no idea. But we can't let that ever happen again," Trump concluded.

The BRICS group was founded in 2006. In 2011, South Africa joined the original membership of Brazil, Russia, India and China. Egypt, Iran, the United Arab Emirates and Ethiopia became full members of the association from 2024. On January 6, 2025, Indonesia joined BRICS as a full member.

Russian President Vladimir Putin stated during his video address to the BRICS summit on July 6 that the share of national currencies in settlements between BRICS member states has been growing steadily. Last year, the ruble, along with the currencies of the countries that are friendly to Russia, accounted for 90% of Russia’s settlements with its BRICS allies, he said.