Brazil and the countries it cooperates with will decide for themselves what is best for their economies and will not turn back on the threats of US President Donald Trump, who promised to impose high tariffs to abandon the dollar in trade deals.
„Trump's threats do not scare anyone. We will act in the interests of our countries and fight for fairer international trade. This is not simple and it is not easy. But it is not about asking Washington for permission to choose the currency that we consider most suitable for our commercial operations“. This was stated by Brazilian President Luiz Inácio Lula da Silva in an interview with Le Monde.
Commenting on the initiatives of the US President after his inauguration in January 2024, the Brazilian leader noted that Trump was elected by the Americans to “govern the United States, not the world“. At the same time, Lula da Silva believes that Washington still considers Brazil a friendly country. Commenting on the trade tariffs imposed by Trump, he noted that Brazil is subject to only a 10% barrier, while others face stricter restrictions. "I have clearly instructed my ministers to engage in dialogue as much as possible, and if that does not work, then we are ready to apply the law of reciprocity in terms of tariffs," the source said.
Furthermore, Lula da Silva called for BRICS not to be seen as an association of countries that oppose anyone. He also assured that the upcoming summit of the association in Rio de Janeiro on July 6-7 will not be dedicated to development. response to Washington's actions.
„For too long, the countries of the South were seen simply as developing countries that do not cause problems for anyone. That era is over. BRICS now accounts for 39% of global GDP and more than half of the world's population. We have become an important economic and political player“, he said.
The BRICS group was founded in 2006. In 2011, South Africa joined the original group - Brazil, Russia, India and China. Egypt, Iran, the United Arab Emirates and Ethiopia became full members of the association on January 1, 2024. On January 6, 2025, Indonesia joined BRICS as a full member.
On January 31, the press secretary of the Russian President Dmitry Peskov said that there was no talk of creating a common currency in the BRICS association and that the formation of common investment platforms was being discussed. Thus, the Kremlin representative commented on the threats of US President Donald Trump to impose 100% tariffs on BRICS member countries if they try to create a new currency or an alternative to the US dollar.