US President Donald Trump has threatened to slap a further “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 a further “penalty” as a consequence of its relationship with Russia, later adding in a press convention that he plans so as to add the unspecified levy partly because of the nation’s membership in BRICS.
“We’re negotiating proper now – and it’s additionally BRICS. They’ve BRICS, which is mainly a gaggle of nations which are anti the US, and India is a member of that, for those who can imagine 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 generally known as BRIC, representing its 4 founding members: Brazil, Russia, India, and China. The acronym grew to become 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 consists of 10 “associate international locations,” together with Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam. Associate international locations aren’t full-fledged members however are invited to take part within the BRICS summit and may endorse the alliance’s declarations.
Brazil says present BRICS priorities embody “facilitating financial transactions between bloc international locations, akin to the usage of native currencies; the event of worldwide cost platforms; cooperation in authorities procurement; and the promotion of commerce facilitation measures, amongst others.”
In 2023, the alliance reportedly started engaged on creating a standard forex backed by gold and doubtlessly extra treasured metals and belongings to avoid worldwide reliance on the US greenback, although officers from a number of of the bloc’s member international locations claimed earlier this yr that they weren’t pushing for de-dollarization.
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