Trump says BRICS would end quickly if they ever form in a meaningful way
'When I heard about this group from BRICS, six countries, basically, I hit them very, very hard. And if they ever really form in a meaningful way, it will end very quickly,' Trump said without naming the countries. 'We can never let anyone play games with us.'
Trump also said he was committed to preserving the dollar's global status as a reserve currency and pledged to never allow the creation of a central bank digital currency in America.
Trump announced the new tariff on July 6, saying it would apply to any countries aligning themselves with what he called the 'Anti-American policies' of the BRICS group.
With forums such as the G7 and G20 groups of major economies hamstrung by divisions and the disruptive 'America First' approach of the US president, the BRICS group is presenting itself as a haven for multilateral diplomacy.
Since issuing the threat, Trump has repeatedly claimed without evidence that the group was set up to hurt the United States and the dollar's role as the world's reserve currency.
BRICS leaders have rejected the claim that the group is anti-American.
Brazil in February nixed plans to push for a common currency during its presidency this year, but the group is advancing work on a cross-border payment system known as BRICS Pay that would facilitate trade and financial transactions in local currencies.
The BRICS group expanded last year beyond Brazil, Russia, India, China and South Africa to include members such as Iran and Indonesia. Leaders at the group's summit in Brazil voiced indirect criticism of US military and trade policies.
Trump has also taken aim at Brazil specifically, announcing a 50 percent tariff rate on its imports, starting in August, and launching a separate investigation into what Washington called Brazil's 'unfair' trading practices.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Arabiya
10 hours ago
- Al Arabiya
California utility creates fund for victims of january's deadly eaton fire near la
Southern California Edison announced this week that it will create a fund to compensate victims of January's devastating Eaton Fire near Los Angeles. Investigators haven't yet determined a cause for the blaze that killed 19 people and destroyed more than 9,400 homes and other structures in Altadena. The creation of the Wildfire Recovery Compensation Program seems to suggest that the utility is prepared to acknowledge what several lawsuits claim: that its equipment sparked the conflagration. 'Even though the details of how the Eaton Fire started are still being evaluated, SCE will offer an expedited process to pay and resolve claims fairly and promptly,' Pedro Pizarro, chief executive of Edison International, the utility's parent company, said in a statement Wednesday. 'This allows the community to focus more on recovery instead of lengthy, expensive litigation.' It is not clear how much money the utility will contribute to the fund. A lawsuit filed by Los Angeles County in March claims that costs and damage estimates were expected to total hundreds of millions of dollars, with assessments ongoing. SCE said the compensation program, which will go into effect this fall, would be open to those who lost homes, rental properties, or businesses. It would also cover those who suffered injuries, were harmed by smoke, or had family members who were killed. The LA Fire Justice, which advocates for wildfire victims, said in a statement that the program's creation shows that SCE is prepared to accept responsibility. But the nonprofit said a similar fund by Pacific Gas & Electric following wildfires in Northern California was slow to roll out and inefficient. 'Experience suggests that these direct payments for victims are neither quick nor easy nor equitable. PG&E offered a similar program, and wildfire victims ended up receiving inadequate compensation, and it didn't happen fast,' said Doug Boxer, an attorney for LA Fire Justice. The SCE payment plan is being created by administrators who helped form similar programs, including the September 11th Victim Compensation Fund of 2001. LA County previously won more than $64 million in a settlement with Southern California Edison over the 2018 Woolsey Fire. Investigators determined SCE's equipment sparked that blaze, and the utility also paid more than $2 billion to settle related insurance claims. Utility equipment has sparked some of the deadliest and most destructive fires in state history in recent years. Investigators are also working to determine the cause of the Palisades Fire, which broke out shortly before the Eaton Fire and killed 12 people and destroyed thousands of structures in Los Angeles.
Asharq Al-Awsat
13 hours ago
- Asharq Al-Awsat
EU Approves Counter-tariffs on US Goods, Says Trade Deal within Reach
The European Commission said on Thursday a negotiated trade solution with the United States is within reach - while EU members voted to approve counter-tariffs on 93 billion euros ($109 billion) of US goods in case the talks collapse. The 27-nation bloc's executive has repeatedly said its primary focus is on reaching a deal to avert 30% US tariffs that US President Donald Trump has said he will apply on August 1. "Our focus is on finding a negotiated outcome with the US ... We believe such an outcome is within reach," an EU spokesperson said in response to reporters' questions, Reuters reported. Alongside negotiations, the Commission has pressed on with plans for potential countermeasures, merging two packages of proposed tariffs of 21 billion euros and 72 billion euros into a single list and submitting this to EU members for approval. The rate would be up to 30%, designed to mirror US tariffs, EU sources said. Diplomats said EU countries overwhelmingly approved the measures on Thursday, which the Commission later confirmed. The first package of countermeasures would enter force on August 7, with tariffs on soybeans and almonds delayed until December 1, an EU official said. The second package would enter force in two stages on September 7 and February 7. So far the EU has held back from imposing any countermeasures, despite Trump's tariffs already covering 70% of EU exports. EU member states authorised the first package of countermeasures in April, but these were immediately suspended to allow time for negotiations. CLOSING ON DEAL The EU and United States now appear to be heading towards a possible trade deal, according to EU diplomats, which would result in a broad 15% tariff on EU goods imported into the US, mirroring a framework agreement Washington struck with Japan. Trump would still need to take any final decision. The White House said discussions of a deal should be considered "speculation". Trump trade adviser Peter Navarro told Bloomberg News the report from the EU should be taken with "a grain of salt." French Finance Minister Eric Lombard and Italian Industry Minister Adolfo Urso told a joint press conference in Paris they were not aware of a draft agreement, Urso adding he would only pass judgment when one was reached. There was little information available about what the EU would offer the United States to secure a deal. One EU diplomat said the bloc was not looking at a pledge of investment in the United States, as Japan has agreed. Another said the EU might reduce some of its own duties. Its current import duty for cars is 10%. Under the outlines of the potential deal, the 15% rate could apply to sectors including cars and pharmaceuticals and would not be added to long-standing US duties, which average just under 5%. There could also be exemptions for sectors such as aircraft, lumber as well as some medicines and agricultural products, which would not face tariffs, diplomats said. Washington does not, however, appear willing to lower its 50% tariff on steel.
Al Arabiya
13 hours ago
- Al Arabiya
Trump says he wants Musk and his companies to thrive in US
President Donald Trump said on Thursday he would not destroy Elon Musk's companies by taking away federal subsidies and said he wants the billionaire tech-entrepreneur's businesses to thrive. 'Everyone is stating that I will destroy Elon's companies by taking away some, if not all, of the large scale subsidies he receives from the US Government. This is not so!' Trump said in a social media post. 'I want Elon, and all businesses within our Country, to THRIVE.' The statement follows Musk's warning to Tesla investors on Wednesday that US government cuts in support for electric vehicle makers could lead to a 'few rough quarters' for the company. Musk spent more than a quarter of a billion dollars to help Trump win November's presidential election and led the Department of Government Efficiency's chaotic effort to slash the budget and cut the federal workforce. The Tesla CEO left the administration in late May to refocus on his tech empire. Trump and Musk fell out shortly afterward when Musk openly denounced the Republican president's tax-cut and spending bill, leading to threats by Trump to cancel billions of dollars worth of federal government contracts with Musk's companies.
