The US president has warned of economic retaliation as the group moves to bypass the dollar in trade

US President Donald Trump has said he is considering tariffs on BRICS nations, accusing the group of adopting anti-US policies. Earlier, Trump warned that any attempt by the group to challenge the US dollar would be met with harsh economic measures. BRICS members targeted by his latest sanctions, such as India and Brazil, said they would protect their domestic interests.

Speaking at the White House on Wednesday, he claimed the group is working to weaken the dollar and strip it of its role as the world's reserve currency.

"They have BRICS, which is basically a group of countries which are anti the United States, and India is a member of that if you can believe it," Trump said. "It's an attack on the dollar, and we're not going to let anybody attack the dollar."

The same day, Trump announced that India will face 25% tariffs and additional penalties starting on Friday over its continued trade with Russia. He said the tariffs were imposed partly because of India's membership in BRICS, and partly because of what he called a "tremendous" trade deficit with New Delhi.

Trump also imposed a 50% tariff on all goods from Brazil effective August 1, claiming the country poses a threat to "the national security, foreign policy, and economy" of the US.

BRICS was established in 2006 by Brazil, Russia, India, and China, with South Africa joining in 2010. Over the past year, it has extended membership to Iran, Egypt, Ethiopia, the United Arab Emirates, and Indonesia. BRICS partner countries include Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, and Uzbekistan.

Russian Foreign Minister Sergey Lavrov has said BRICS countries are seeking alternatives to the dollar to shield themselves from Washington's "arbitrariness," calling the shift irreversible.

Last year, Russia's Finance Ministry said national currencies made up 65% of BRICS trade, with the dollar and euro falling below 30%. Deputy Foreign Minister Sergey Ryabkov said BRICS is not a rival to the US, but warned that "the language of threats and manipulation... is not the way to speak to members of this group."

(RT.com)