US President Donald Trump has reiterated his tariff warning to the BRICS nations, or as he refers to them, “a little group… fading out fast.” In his address following the signing of the Genius Act, he told the press about plans to impose a 10% tariff rate on the bloc should they deepen their cooperation. He noted that none of the BRICS members “showed up” at a meeting held the day after he announced the tariffs, adding that “they were virtually afraid.”

The MAGA leaders also claimed that “BRICS tried and wanted to take over the Dollar” in an attempt to influence its “dominance” and “standard”. As a response to the threat, he announced the 10% tariff rate. He claimed credit for the weakening of this effort and for protecting the US dollar.

He spoke with conviction when it came to issuing a reply to the six countries. He said, “When I heard about this group of six countries in BRICS, I hit them very hard, and if they ever really form in a meaningful way, it will end very quickly…”

Trump and BRICS

This comes after Trump had threatened that the US administration will levy additional 10% tariffs on countries that align with “anti-American policies” of the BRICS consortium. “There will be no exceptions to this policy,” he had written in a post on social media.

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In 2024, Trump warned that he would impose 100% tariffs on BRICS nations if they introduced a new currency to challenge the US Dollar. However, the six countries, Brazil, Russia, India, China, South Africa, are still negotiating to find a middle ground with the Trump administration.

“Losing status of dollar like losing world war”

While praising the Genius Act, which regularises stablecoins as a type of cryptocurrency, Trump established his intent to strengthen the US dollar dominance. He added, “If we lost the status of the Dollar as the world’s reserve currency, it would be like losing a World War…”

Praising the Act, he said that it will allow “banks, businesses and financial institutions a framework to issue crypto assets back. One for one, really strengthening the dollar and giving the Dollar a great prominence.”