Trump’s BRICS Tariff Boast “Almost Nobody Showed Up” Contradicted By Reality

NEW YORK, NY  (IANS)- President Donald Trump has claimed that his threat of a 10 percent tariff on BRICS members scared them off, asserting that “almost nobody showed up” for a subsequent meeting. This claim, however, stands in contrast to the reality that the BRICS summit continued with full attendance.

Trump issued his tariff threat on July 6, yet the leaders of the 11 BRICS countries met for the second day of their summit as planned. He referred to BRICS as “this little group” of “six countries basically,” claiming they aimed to “try and take over the dollar, the dominance of the dollar, and the standard of the dollar.”

“And I said, anybody that’s in the BRICS consortium of nations, we’re going to tariff you 10 per cent,” Trump stated. He then asserted, “They had a meeting the following day, and almost nobody showed up. Seriously.” Trump suggested they felt, “Leave me alone. We didn’t want to [be tariffed]. They didn’t want to be tariffed. There, it’s amazing.”

While Trump has repeatedly discussed a potential BRICS currency, India, a founding member and the group’s second-largest economy, has dismissed the idea. External Affairs Minister S Jaishankar has publicly stated there is no policy to replace the dollar as the reserve currency, as it “is the source of international economic stability.”

Trump further remarked, “If they really form [a BRICS currency] in a meaningful way, it will end very quickly.” He added, “They won’t be gone very long. I don’t think they’ll even do it. They’re virtually afraid to [even] meet.”

Trump’s initial threat was posted on July 6: “Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff.” Despite this, the BRICS leaders continued their summit for the second day in Rio de Janeiro.

The President, known for exaggerations and hyperbole, made these claims at the White House during the signing of the GENIUS Act. This law, passed by Congress with bipartisan support, governs digital currency by setting standards and consumer safeguards for stablecoins. The act’s acronym, “Guiding and Establishing National Innovation for US Stablecoins,” requires financial institutions issuing stablecoin cryptocurrency to back them with solid assets, such as the dollar.

Trump concluded by reiterating, “We can never let anyone play games with us. And that’s why, when I heard about this group from BRICS, six countries, basically, I hit them very, very hard.” Trump also mentioned a ready-to-be-announced tariff deal but did not specify the country involved.