On Friday, U.S. President Donald Trump once again targeted BRICS nations, warning that if this group ever organized effectively, it would rapidly dissolve. He reaffirmed his commitment to maintaining the U.S. dollar's global leadership and stated he would never permit a 'Central Bank Digital Currency' (CBDC) in the U.S.
In a White House-released video, Trump conveyed that upon learning about the BRICS group, which includes six countries, he acted decisively against them. He stated that if they ever came together dynamically, their influence wouldn’t last long.
Trump claimed that attempts by BRICS countries to challenge the dollar were failing. He described BRICS as a small, now weakening group, having tried to undermine the dollar’s global standing. In response, Trump imposed a 10% tariff on BRICS countries, leading to a poorly attended meeting the next day.
Losing the Dollar’s Status: Akin to Losing a World War
The President mentioned that stripping the dollar of its status would be like losing a world war. He is determined to protect the dollar's dominance. Losing the dollar's reserve currency status, he explained, would be akin to the U.S. losing a world war.
He also highlighted his 'The Genius Act', which he claims enhances the strength of the U.S. dollar.
To provide context, BRICS is a multilateral group currently composed of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the UAE. In recent years, the group has taken steps to challenge U.S. dominance and improve the global financial system.
Trump's statements come amidst heightened international discourse regarding the upcoming BRICS summit and its potential expansion.
