Following the announcement of new tariffs on 14 countries, former US President Donald Trump warned the BRICS group of an additional 10% tariff on goods. During a cabinet meeting, he accused the group of trying to undermine the US Dollar. The BRICS bloc, comprising 11 nations including Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates and Indonesia, would face these tariffs if their policies impact the US economy. Trump emphasized that the formation of BRICS aims to weaken the US dollar. He stated, “The dollar is King,” and reiterated that any challenge to this would come at a high price. Trump’s administration is also pressing for bilateral trade deals, with new tariffs scheduled to take effect on August 1, 2025, for countries that have not reached agreements with the US.
