US President Donald Trump on Friday repeated his threat to slap a 10 per cent tariff on imports from Brics nations and ridiculed the emerging economic bloc as “fading out fast.”

Speaking at a White House event where he signed cryptocurrency legislation into law, Trump accused Brics — the group comprising Brazil, Russia, India, China, South Africa, and its newest members — of attempting to undermine the US dollar’s global dominance.

“When I heard about this group from Brics, six countries, basically, I hit them very, very hard,” Trump said. “And if they ever really form in a meaningful way, it will end very quickly. We can never let anyone play games with us.”

The president did not name the countries individually, but doubled down on his assertion that the Brics agenda posed a direct challenge to the US economy. “Brics, they wanted to try and take over the dollar, the dominance of the dollar and the standard of the dollar,” he said.

The president, who is campaigning to return to the White House, claimed his warning had already dented the group’s unity. “They didn’t want to be tariffed,” Trump said. “They’re virtually afraid to meet.”

The administration has reportedly set an August 1 deadline for the proposed tariffs to take effect, following an earlier July 9 cutoff for reaching new trade agreements. Trump said he would soon send letters to the countries outlining the proposed rates if no deal is made.

“I hit them very, very hard, and it will end very quickly. I don’t think they’ll do it,” he added, suggesting the Brics coalition lacked the cohesion to mount a serious economic challenge.

In the same address, Trump reiterated his opposition to a US central bank digital currency, stating flatly: “It won’t happen under my administration.”

With forums such as the G7 and G20 groups of major economies hamstrung by divisions and the disruptive “America First” approach of the US president, the Brics group is presenting itself as a haven for multilateral diplomacy, Reuters reported.

Sine issuing the threat, Trump has repeatedly claimed without evidence that the group was set up to hurt the United States and the dollar’s role as the world’s reserve currency.

Brics leaders have rejected the claim that the group is anti-American.

In February, Brazil shelved plans to advocate for a common BRICS currency during its presidency of the group. However, the bloc is moving ahead with the development of Brics Pay — a cross-border payment system aimed at easing trade and financial transactions using local currencies.

Trump has singled out Brazil in particular, announcing a 50 per cent tariff on Brazilian imports beginning in August.

– Ends

With inputs from Reuters

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