Overview

• Donald Trump warned BRICS nations of 100% import tariffs if they pursue alternatives to the U.S. dollar as a global reserve currency.
• Trump's statement follows discussions within BRICS about reducing reliance on the dollar, though officials from Russia and India clarified there are no plans for a shared BRICS currency.
• Russian officials emphasized that BRICS is focused on investment platforms and not on replacing the dollar, countering Trump's accusations.
• Brazilian President Lula da Silva vowed reciprocal tariffs if the U.S. imposes duties on Brazilian goods, calling for mutual respect in international relations.
• Economists warn that sweeping tariffs could lead to higher consumer prices in the U.S., as seen during Trump's previous term.