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2mo ago

Trump to Enforce 10% Tariffs on BRICS Nations From August 1

The move is designed to shore up the dollar’s reserve status following BRICS efforts to develop local-currency payments

President Donald Trump speaks during a dinner for Republican senators in the State Dining Room of the White House, Friday, July 18, 2025, in Washington.
An attendant stands next to South African, Indian, Russian, Brazilian and Chinese flags during a plenary session of BRICS Summit, in Xiamen, China September 4, 2017. REUTERS/Tyrone Siu/File Photo
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Trump previously accused the 11-member BRICS grouping of pushing “anti-American policies” after the BRICS leaders level summit which took place in Brazil earlier this month. (AP)

Overview

  • He has reaffirmed a 10% tariff on any nation aligning with BRICS “anti-American” policies and imposed a 50% duty on Brazilian imports effective August 1 pending negotiations.
  • During the signing of the GENIUS Act, Trump mocked BRICS as “fading out fast” and reaffirmed his vow to bar any U.S. central bank digital currency.
  • The GENIUS Act imposes strict rules on stablecoin issuers, mandating asset backing, third-party audits and anti-money-laundering safeguards to bolster the dollar’s digital dominance.
  • BRICS leaders have dismissed U.S. accusations of anti-American intent and are advancing BRICS Pay for local-currency trade while shelving plans for a common bloc currency.
  • India’s foreign ministry clarified that BRICS discussions on cross-border payments do not include any de-dollarization agenda.