Key Points

Trump alleged the BRICS group is working to weaken the US dollar. During a Cabinet meeting under his leadership, Trump issued a stern warning, stating, "They will certainly have to pay 10% if they are in BRICS because BRICS was set up to hurt us, to degenerate our dollar..."

The BRICS bloc, comprising 11 countries including Brazil, Russia, India, China, and South Africa, has been critical of Trump's tariff policies, calling them inconsistent with World Trade Organization rules.

BRICS nations collectively account for 40% of global GDP and nearly half of the world's population.

Trump's administration is currently pushing for bilateral trade agreements, with new tariffs set to take effect on August 1 for countries that have not reached a deal with the United States.

Reiterating his position on the strength of the US dollar, Trump said, "The dollar is king, we gonna keep it that way. I am just saying if people wanna challenge it they can, but they have to pay a big price and I don't think any of them is willing to pay that price," he added.

On the upcoming trade tariffs, Trump stated, "It has always been August 1 (deadline)...Tariffs are charged by other countries at levels that are ridiculous. I called those other countries, and now everyone is willing to give us everything...For years, they ripped us off and we didn't have a President that understood it..."

When asked about India's position, considering its status as a significant US trade partner and BRICS member, Trump clarified that no exceptions would be made.

"They are members of BRICS, they can pay 10% tariff. I said this about a year ago and it largely broke up. I thought it largely broke up. We are not gonna lose the standard at any time. If you have a smart President you will never lose the standard," said Trump.

This comes on the heels of US and India nearing a trade deal, with President Donald Trump stating they're "close to making a deal."

A final trade deal might be signed during a high-level bilateral meeting in Washington DC later this month or when Trump visits India in the fall.

An interim or mini trade deal is likely to be announced soon, potentially excluding sensitive sectors like agriculture and dairy.

The US is pushing for reduced duties on agricultural products, medical devices, and industrial goods, while India seeks preferential access for labor-intensive exports like textiles and garments.

The deal aims to boost bilateral trade to $500 billion by 2030 and enhance cooperation in defense, technology, and energy.

Criticising previous administrations, Trump said, "If you have a stupid President like the last time, you would lose the standard, you won't have dollars here and we lost the world standard dollar. That would be like losing a war, a major world war. We would not be the same country any longer. I can't let that happen."

US President Donald Trump announced on the social media platform Truth Social that tariffs will come into effect on August 1, 2025, and must be paid without any extensions.

He stated, "As per letters sent to various countries yesterday, in addition to letters that will be sent today, tomorrow, and for the next short period of time, TARIFFS WILL START BEING PAID ON AUGUST 1, 2025. There has been no change to this date, and there will be no change. In other words, all money will be due and payable starting AUGUST 1, 2025 - No extensions will be granted. Thank you for your attention to this matter!"

Clarifying the intent behind these measures, US President Donald Trump on Monday (local time) said the proposed tariff arrangements aim to ensure fairness and remain open to negotiation if other countries are willing to make a fair deal.

"We're always subject to negotiations when something is fair, but we've talked to most of the countries. Pretty much they have had their way for many, many decades. It was time that we just wanted fairness. This is not really equitable from our standpoint because this is a small token by comparison to damages been done over the years but we had no other president that was willing to do this, but I did it," he said.

He added that his second term would outperform his first in terms of tariff collection and economic impact.

"Even in my first term with China and others. We took in hundreds and billions of dollars of tariffs. No inflation, the most successful period of time we've ever had financially in the country- the first term, I think this time's going to be much better. Even better than the last time. This is going to be substantially better, and we're on our way doing that. We have already taken in over a hundred billion dollars' worth of tariffs and we haven't even started. All I have to say to other countries- some of them want to make it real and fair. Others got a little bit spoilt. For years, they have taken advantage of the country. So I would say final, but if they call with different alternative, I will do it," he said.

When asked if he is firm on his August 1 deadline for US tariffs, US President Donald Trump says, "I would say firm but not a 100 per cent firm. If they call up and they say we would like to do something in a different way, we will be open to that," he added.

Trump also confirmed that his administration had sent letters to 14 countries informing them of the reciprocal tariffs set to take effect from August 1.

- ANI