US President Donald Trump has threatened to slap an extra “penalty” on India because of the nation’s involvement within the BRICS financial alliance.
Trump took to Fact Social on Wednesday to announce a 25% tariff on Indian items to steadiness out a commerce deficit with the South Asian nation.
He additionally stated India would pay an extra “penalty” because of its relationship with Russia, later adding in a press convention that he plans so as to add the unspecified levy partially because of the nation’s membership in BRICS.
“We’re negotiating proper now – and it’s additionally BRICS. They’ve BRICS, which is principally a bunch of nations which are anti the US, and India is a member of that, if you happen to can consider it. It’s an assault on the greenback, and we’re not going to let anyone assault the greenback, so it’s partially BRICS and partially the commerce state of affairs, this deficit.”
BRICS held its first summit in 2009 and was initially often called BRIC, representing its 4 founding members: Brazil, Russia, India, and China. The acronym turned BRICS after South Africa joined the group in 2010.
In 2024, it expanded membership to different nations, together with Iran, Egypt, Ethiopia and the United Arab Emirates. Indonesia joined in early 2025.
Brazil, the present president of the group, additionally claims that Saudi Arabia is a part of the bloc, however the Center Jap nation has reportedly eschewed formal membership within the intercontinental financial alliance to keep away from antagonizing the US.
The bloc additionally contains 10 “companion nations,” together with Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam. Associate nations aren’t full-fledged members however are invited to take part within the BRICS summit and might endorse the alliance’s declarations.
Brazil says present BRICS priorities embody “facilitating financial transactions between bloc nations, resembling the usage of native currencies; the event of worldwide fee platforms; cooperation in authorities procurement; and the promotion of commerce facilitation measures, amongst others.”
In 2023, the alliance reportedly started engaged on creating a typical forex backed by gold and probably further valuable metals and property to avoid worldwide reliance on the US greenback, although officers from a number of of the bloc’s member nations claimed earlier this 12 months that they weren’t pushing for de-dollarization.
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