{"id":6087,"date":"2025-07-19T14:35:10","date_gmt":"2025-07-19T14:35:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/6087\/"},"modified":"2025-07-19T14:35:10","modified_gmt":"2025-07-19T14:35:10","slug":"little-group-fading-fast-donald-trump-mocks-brics-reiterates-10-tariff-threat-to-protect-us-dollar-dominance","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/6087\/","title":{"rendered":"\u2018Little group fading fast\u2019: Donald Trump mocks Brics; reiterates 10% tariff threat to protect US dollar dominance"},"content":{"rendered":"

\"Donald US President Donald Trump<\/a> on Friday mocked the Brics group as a \u201clittle group\u201d that is \u201cfading out fast\u201d. He also reiterated his warning from earlier this month of a 10 per cent tariff on any nation aligning with Brics, which he described as following \u201canti-American policies\u201d. The MAGA chief also claimed credit for weakening the group\u2019s efforts to rival the US dollar\u2019s dominance.Speaking while signing the GENIUS Act into law, Trump said, \u201cThere is a little group called Brics, and it is fading out fast. But Brics tried and wanted to take over the Dollar and the dominance of the Dollar and the standard of the Dollar. I said that anybody in the Brics consortium of nations, we are going to tariff you 10 percent and they had a meeting the following day, and almost nobody showed up.\u201dTrump, speaking firmly about his approach to global economic rivals, added, \u201cWhen I heard about this group of six countries in Brics, I hit them very hard, and if they ever really form in a meaningful way, it will end very quickly.\u201d Trump did not name the countries directly but said, \u201cWe can never let anyone play games with us.\u201dTrump said protecting the global reserve status of the US dollar is of the highest priority. \u201cWe are not going to let the Dollar slide… If we lost the status of the Dollar as the world’s reserve currency, it would be like losing a World War,\u201d he said.<\/p>\n

‘GENIUS Act, They named it after me!’: Trump<\/p>\n

Trump’s comments came as he signed into law the S.1582 GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act), which sets up a regulatory framework for payment stablecoins. Trump hailed the law as a major step in cementing American leadership in global finance and cryptocurrency.\u201cThis afternoon, we take a giant step to cement American dominance in global finance and Crypto technology, as we sign the landmark GENIUS Act into law,\u201d Trump said. \u201cThey named it after me. This is hell of an act!\u201dAddressing the crypto community, Trump said, \u201cFor years, you were mocked and dismissed and counted out… this signing is a massive validation of your hard work and your pioneering spirit and your ability to never give up… Congratulations on this incredible achievement!\u201dHe reiterated his commitment to prevent a US central bank digital currency. \u201cI also remain fully committed to my pledge never to allow the creation of a Central Bank Digital Currency in America. It won’t happen,\u201d he said.Treasury secretary Scott Bessent praised Trump\u2019s move, saying it would help maintain the US dollar\u2019s place as the global reserve currency.<\/p>\n

Brics denies being anti-American<\/p>\n

Trump has singled out Brazil for additional penalties, including a 50 per cent tariff on imports starting in August, citing \u201cunfair\u201d trade practices. He had earlier announced the 10 per cent tariff on July 6, targeting any country supporting Brics.The Brics group has recently expanded to include countries like Iran and Indonesia and has denied being anti-American. While Brazil has stepped back from pushing a common currency, the bloc continues to develop Brics Pay, a cross-border payment system aimed at promoting trade in local currencies.Despite Trump’s repeated claims, no evidence has been presented to show Brics aims to undermine the dollar or harm the US. <\/p>\n","protected":false},"excerpt":{"rendered":"US President Donald Trump on Friday mocked the Brics group as a \u201clittle group\u201d that is \u201cfading out…\n","protected":false},"author":2,"featured_media":6088,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,7948,7942,99,7950,2490,164,7945,7943,7947,7946,7949,7944],"class_list":{"0":"post-6087","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-au","9":"tag-australia","10":"tag-brazil-tariffs","11":"tag-brics-group","12":"tag-business","13":"tag-crypto-community","14":"tag-donald-trump","15":"tag-economy","16":"tag-genius-act","17":"tag-global-reserve-currency","18":"tag-stablecoins-regulation","19":"tag-tariff-on-imports","20":"tag-trade-practices","21":"tag-us-dollar-dominance"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/6087","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=6087"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/6087\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/6088"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=6087"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=6087"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=6087"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}