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.