Trump Renews Tariff Threat Against BRICS Bloc

US President Donald Trump has renewed his criticism of the BRICS economic bloc, warning that any attempts to challenge the US dollar's global dominance will result in a 10% tariff on exports from BRICS nations. Despite Trump's claim that his threats had dampened attendance at a recent BRICS summit, reports confirm that member leaders broadly participated. Trump emphasized the critical importance of maintaining the dollar's reserve currency status, likening its loss to 'losing a World War,' and pledged to use aggressive trade measures if necessary. India, a BRICS founding member, clarified that de-dollarization is not on the bloc's formal agenda and that discussions are focused on using local currencies for cross-border payments. Trump made these remarks while signing the GENIUS Act, which establishes a regulatory framework for US stablecoins, framing it as vital for American leadership in global finance. The situation underscores escalating tensions between the US and emerging economies over the future of the global financial order.