U.S. President Donald Trump on Monday (local time) renewed his warning to BRICS nations, threatening an additional 10% tariff on goods imported from member countries.
Trump accused the BRICS alliance of attempting to undermine the U.S. dollar, and during a Cabinet meeting, he issued a pointed statement:
“They will certainly have to pay 10% if they are in BRICS, because BRICS was set up to hurt us, to degenerate our dollar…”
The BRICS bloc—made up of 11 countries including Brazil, Russia, India, China, and South Africa—has long criticized Trump’s tariff approach, arguing it violates World Trade Organization rules.
Together, BRICS nations represent about 40% of global GDP and nearly half the world’s population.
The Trump administration continues to press for bilateral trade agreements, with a new wave of tariffs scheduled to take effect on August 1 for nations that haven’t finalized deals with the U.S.
Doubling down on his defense of the dollar, Trump declared:
“The dollar is king, we gonna keep it that way. I am just saying if people wanna challenge it they can, but they have to pay a big price—and I don’t think any of them is willing to pay that price.”
On the looming tariff deadline, he reiterated:
“It has always been August 1… Tariffs are charged by other countries at levels that are ridiculous. I called those other countries, and now everyone is willing to give us everything… For years, they ripped us off and we didn’t have a President that understood it.”
When questioned about India’s role—given its dual status as a major U.S. trade partner and BRICS member—Trump made it clear that no exceptions would be granted:
“They are members of BRICS, they can pay 10% tariff. I said this about a year ago and it largely broke up. I thought it largely broke up. We are not gonna lose the standard at any time. If you have a smart President, you will never lose the standard.”
The remarks come as the U.S. and India approach a trade agreement, with Trump stating they are “close to making a deal.”
A final agreement may be signed during a high-level bilateral meeting in Washington, D.C. later this month, or during Trump’s planned visit to India in the fall.
A mini trade deal could be announced soon, likely excluding sensitive sectors such as agriculture and dairy.
The U.S. is pushing for reduced duties on agricultural goods, medical devices, and industrial products, while India is seeking better access for labor-intensive exports like textiles and garments.
The goal of the agreement is to increase bilateral trade to $500 billion by 2030 and deepen collaboration across defense, energy, and technology sectors.
