In show of unity against Trump, Brazil and India vow to triple trade flows
Lula and Modi sign several agreements and announce plans to step up Indian engagement with South American trade bloc Mercosur
Describing the US dollar as the “king”, Trump on Tuesday claimed that Brics was set up to hurt the US and “degenerate” the dollar. He added that Brics nations, including India and Brazil, would “have to pay 10 per cent if they’re in Brics”.
“If they want to play their game, I can play their game too. So anybody that is in Brics is getting a 10 per cent charge,” he said.
The group was originally known by the acronym Bric, when it comprised Brazil, Russia, India and China. It has since added South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.
01:47
Brics leaders condemn strikes on Iran and tariffs but avoid direct mention of US, Israel
Trump has continued to attack the bloc, which seeks to unite emerging market economies from the Global South and reform Western-dominated international institutions, blaming it for “anti-American policies”. Brics, as a group, has not officially responded to Trump’s hardening posture.