Daijiworld Media Network - New York

New York, Jul 19: US President Donald Trump claimed on Friday that his threat to impose a 10% tariff on BRICS member countries scared them into skipping their own summit — even though all 11 member nations attended the next day’s meeting in Rio de Janeiro.

Speaking at the White House during the signing of the bipartisan GENIUS Act, which governs stablecoin regulation, Trump dismissed BRICS as “this little group” of “basically six countries” attempting to undermine the U.S. dollar. “They wanted to try and take over the dominance of the dollar. And I said, anyone in BRICS — 10% tariff,” Trump declared.

“They had a meeting the next day, and almost nobody showed up,” he claimed, adding, “They were like, ‘Leave me alone. We didn’t want to be tariffed.’”

However, contrary to Trump’s assertion, the BRICS summit proceeded as scheduled on July 7 in Rio with full participation, including India — a founding member and the bloc’s second-largest economy. India has publicly rejected the idea of replacing the U.S. dollar, with External Affairs Minister S. Jaishankar reiterating that the dollar remains a pillar of global economic stability.

Dismissing the viability of a BRICS currency, Trump predicted, “If they ever form it, it won’t last. I don’t think they’ll even try — they’re afraid to meet.”

Trump’s tariff threat was posted online on July 6: “Any Country aligning themselves with the Anti-American policies of BRICS will be charged an ADDITIONAL 10% Tariff.”

Yet, the threat seemed to have no immediate diplomatic or logistical impact, as the summit continued uninterrupted.
At the same event, Trump championed the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins), which sets legal frameworks for digital currencies backed by real assets like the U.S. dollar. Under this law, financial institutions issuing stablecoins must fully back them with U.S. reserves.

White House Crypto Advisor David Sacks said the move would spark a massive global demand for U.S. Treasuries, ensuring that “every digital dollar in a crypto wallet is matched by a real dollar in a U.S. bank.”

Trump said the legislation would safeguard America’s financial supremacy. “If we ever lose the dollar as the world’s reserve currency, it’d be like losing a world war. We can’t let anyone play games with us,” he said, referencing BRICS once again. “That’s why I hit them hard.”

He ended his remarks by teasing a soon-to-be-announced tariff deal — though without revealing which country it involves.