Trump Claims Tariffs Caused BRICS Nations to Drop Out

US President Donald Trump has asserted that his administration's tariff strategy has led to a decline in participation among BRICS nations, which he described as an "attack on the dollar." During a meeting with Argentine President Javier Milei at the White House, Trump stated, "I told anybody who wants to be in BRICS, that’s fine, but we’re going to put tariffs on your nation." He claimed that this warning has prompted several countries to reconsider their involvement in the bloc.

Trump emphasized that BRICS, originally formed by Brazil, Russia, India, China, and South Africa, is perceived as a challenge to the US dollar's dominance. He remarked, "Everybody dropped out. They’re all dropping out of BRICS. They don’t even talk about it anymore." He reiterated his commitment to defending the dollar's global position and warned that any nation adopting BRICS policies could face additional tariffs.

The BRICS group has expanded in recent years, now including Egypt, Ethiopia, Iran, the United Arab Emirates, and Indonesia. Despite discussions among BRICS members about increasing the use of local currencies in trade, they remain divided on reducing reliance on the US dollar. India has clarified its stance, stating that while local currency use is being discussed, de-dollarisation is not on the agenda.

Trump's comments come amid ongoing tensions between the US and BRICS nations, particularly as he has threatened a 10% tariff on countries aligning with BRICS policies. He has previously warned of a potential 100% tariff on these nations if they pursue de-dollarisation. Meanwhile, India has maintained a more conciliatory approach, with External Affairs Minister Subrahmanyam Jaishankar stating, "We have no interest in undermining the dollar."

As the global economic landscape evolves, the implications of Trump's tariff strategy on BRICS and its member nations continue to unfold.