Countries like Malaysia and Thailand have expressed interest in joining BRICS, seen as a counterweight to the West, in recent years.
US President Donald Trump has repeatedly warned BRICS nations against attempts to challenge the dominance of the US dollar with an alternative global reserve currency
US President Donald Trump on Thursday claimed that the BRICS nations have "broken up", days after he threatened them with 100 per cent tariffs if they tried to seek an alternative for the US dollar.
BRICS, formed in 2009, is the only major international group of which the United States is not a part. BRICS consists of ten countries- Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia,
U.S. President Donald Trump said on Thursday that BRICS nations could face 100% tariffs from the United States "if they want to play games with the dollar."
Despite these discussions, BRICS members do not intend to eliminate their dollar reserves, and Lula himself has softened his stance on a new BRICS currency. However, he continues to support developing alternative trade mechanisms to lessen full dependency on the US dollar.
One of Donald Trump' leading economic agenda this year is mostly about imposing tariffs on foreign imports, and that has taken various forms now, starting off with flat tariff rates, followed by reciprocal tariffs,
Analysts argue that Donald Trump’s claim of Brics being "dead" is a strategic ploy, but the US empire itself is in decline as Brics nations strengthen ties.
While addressing reporters at the White House, Trump said the BRICS bloc, which now boasts ten member nations, was put there “for a bad purpose”
Brazil's BRICS presidency focuses on reducing reliance on the U.S. dollar in global trade, drawing criticism from Trump.
Donald Trump has doubled down on his plan to impose reciprocal traffic on India, saying they are coming ‘soon’. ‘They charge, we charge,’ the US President said.
Trump has remained in staunch opposition to BRICS states over their de-dollarisation attempts. He threatened to impose tariffs on BRICS countries even before assuming the Presidential Office in the US.