'Little Group Fading Out Fast': Donald Trump Mocks BRICS, Repeats 10% Tariff Threat

(MENAFN- Live Mint) US President Donald Trump repeated his threat on Friday to impose a 10 percent tariff on imports from members of the BRICS (Brazil, Russia, India, China, and South Africa) group of developing nations.

As per a video shared by RT, Trump said there's a "little group" called BRICS that's "fading out fast". He claimed that "nobody showed up" at the BRICS meeting a day after he threatened to slap 10% tariffs.

He alleged BRICS countries wanted to“try and take over the dollar , the dominance of the dollar.”

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The US President also said the BRICS group would end very quickly if they ever formed in a meaningful way.

"When I heard about this group from BRICS, six countries, basically, I hit them very, very hard. And if they ever really form in a meaningful way, it will end very quickly," Trump said without naming the countries.

"We can never let anyone play games with us," the US President was quoted as saying.

Trump also said he was committed to preserving the dollar's global status as a reserve currency and pledged to never allow the creation of a central bank digital currency in America.

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Trump announced the new tariff on July 6, saying it would apply to any countries aligning themselves with what he called the "Anti-American policies" of the BRICS group.

With forums such as the G7 and G20 groups of major economies hamstrung by divisions and the disruptive "America First" approach of the U.S. president, the BRICS group is presenting itself as a haven for multilateral diplomacy.

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Since 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.

Brazil in February nixed plans to push for a common currency during its presidency this year, but the group is advancing work on a cross-border payment system known as BRICS Pay that would facilitate trade and financial transactions in local currencies.

The BRICS group expanded last year beyond Brazil, Russia, India, China and South Africa to include members such as Iran and Indonesia. Leaders at the group's summit in Brazil voiced indirect criticism of U.S. military and trade policies.

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Trump has also taken aim at Brazil specifically, announcing a 50% tariff rate on its imports, starting in August, and launching a separate investigation into what Washington called Brazil's "unfair" trading practices.

(With inputs from Reuters)

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