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BRICS

'Brics broke up': Trump claims bloc went silent after 150% tariff threat

US President Donald Trump has repeatedly warned BRICS nations against attempts to challenge the dominance of the US dollar with an alternative global reserve currency

Updated On: 21 Feb 2025 | 12:17 PM IST

Brics is dead, says Trump as he threatens member nations with 100% tariff

Earlier in January, Trump threatened to impose tariffs on Brics nations if they try to introduce alternative currency to the US Dollar

Updated On: 14 Feb 2025 | 7:19 AM IST

Brazil nixes Brics currency, eyes less reliance on 'mighty' dollar

Brazil is pushing reforms within Brics to ease international payments in local currencies, opening the door to less dependence on the dollar for global trade

Updated On: 13 Feb 2025 | 8:28 PM IST

News updates: FM gives final touches to her record eighth Budget

Latest News Updates LIVE: Catch all the major news updates from around the world

Updated On: 31 Jan 2025 | 9:04 PM IST

Donald Trump warns Brics: 'Say goodbye to America' if US dollar is replaced

US President Donald Trump has warned Brics nations against creating an alternative currency to replace the US dollar, threatening 100 per cent tariffs on those attempting de-dollarisation

Updated On: 31 Jan 2025 | 9:45 AM IST

Brics+ eyes alternative payment systems, but dollar dominance looms

It is a necessary risk mitigation strategy in an uncertain world

Updated On: 29 Jan 2025 | 11:29 PM IST

Trump mistakes Spain for member of Brics bloc, repeats threat of tariffs

US President Donald Trump has apparently confused Spain for a member of the BRICS bloc of developing economies, causing some head-scratching and jitters over possible tariffs in Madrid. Spain is not in BRICS, whose initials stand for Brazil, Russia, India, China and South Africa. Spain is a member of NATO, along with the US, and of the European Union. Trump erroneously said Spain was in BRICS when a journalist asked him about NATO countries like Spain which don't meet the NATO minimum of spending 2 per cent of economic output on defence. Spain ranked last in the 32-nation military alliance, estimated to spend 1.28 per cent on defence last year. Trump started his answer by saying Spain is very low, referring to its defence expenditures, but quickly veered into speaking about the BRICS. They're a BRICS nation, Spain. Do you know what a BRICS nation is? You'll figure it out, he told the reporter from the presidential desk in the Oval Office. Trump repeated his threat to put costly ..

Updated On: 21 Jan 2025 | 9:53 PM IST

Trump's big warning to India, Brics nations on Day 1 as US President

US President Donald Trump warned BRICS nations, stating that countries pursuing de-dollarisation efforts will face a 100 per cent tariff on trade with the United States

Updated On: 21 Jan 2025 | 3:20 PM IST

Will help Vietnam become 'partner country' in Brics bloc, says Russia

Russia will facilitate Vietnam's participation in the BRICS bloc of developing economies as a partner country, the countries said in a joint statement on Wednesday after Russian Prime Minister Mikhail Mishustin's two-day visit to Hanoi. The Russian side welcomed Vietnam's active participation in BRICS events in 2024 and expressed its readiness to create favourable conditions if Vietnam joins BRICS as a partner country, the statement said. BRICS was formed by Brazil, Russia, India and China in 2009, with South Africa added in 2010, as a counterweight to the Group of Seven leading industrialised nations. Last year, the bloc added Iran, Egypt, Ethiopia and the United Arab Emirates. Saudi Arabia has been invited to join. Turkiye, Azerbaijan and Malaysia have formally applied to become members, and a few others have expressed interest. Vietnam's Southeast Asian neighbour Indonesia was admitted as a full BRICS member this month. But Vietnam remains reticent to join the bloc, said Nguyen

Updated On: 16 Jan 2025 | 7:21 AM IST

Indonesia admitted to BRICS bloc of developing nations, Brazil announces

Indonesia has been admitted as a full member of the BRICS bloc of developing economies, the group's presiding country Brazil announced Monday. Indonesia's candidacy was endorsed by BRICS leaders in August 2023, according to the foreign ministry of Brazil, which holds the group's presidency for 2024. However, the world's fourth-most populous nation opted to formally join the bloc only after the formation of its newly elected government last year. The Brazilian government welcomes Indonesia's entry into the BRICS, the government said in a statement. With the largest population and economy in Southeast Asia, Indonesia shares with other members a commitment to reforming global governance institutions and contributes positively to deepening South-South cooperation. BRICS was formed by Brazil, Russia, India and China in 2009, and added South Africa in 2010. Last year, the alliance expanded to embrace Iran, Egypt, Ethiopia and the United Arab Emirates. Saudia Arabia has been invited to joi

Updated On: 07 Jan 2025 | 7:49 PM IST

Brazil admits Indonesia as new member of Brics bloc of developing nations

In a statement, the Brazilian Foreign Ministry welcomed Indonesia for its entry into Brics

Updated On: 07 Jan 2025 | 7:51 AM IST

CCI conducts market study on renewable energy space across Brics nations

Fair trade watchdog CCI is conducting a market study to understand the competitions issues in the renewable energy space across BRICS nations. The study is being conducted under the BRICS framework by India, Competition Commission of India (CCI) Chairperson Ravneet Kaur said. Currently, the regulator is also doing a market study on Artificial Intelligence (AI) and competition. "CCI has started the process for the study of competition issues in the renewable energy space across the BRICS countries," the chairperson told PTI in an interview. Initially, the grouping comprised Brazil, Russia, India, China, and later South Africa joined it. A few more countries have also joined the bloc. Kaur also said the commission does explore areas for conducting market studies depending upon the market dynamics and enforcement priorities.

Updated On: 29 Dec 2024 | 5:52 PM IST

Brics' influence growing among countries of Global South, says China

China on Tuesday said the appeal and influence of the BRICS bloc is growing more saliently as it is becoming the main platform to promote solidarity and cooperation between the Global South. With the partner countries on board the BRICS family, the BRICS cooperation is elevated to a new height, the BRICS mechanism has greater representation, Chinese Foreign Ministry spokesperson Mao Ning told the media here while responding to a question on Russia announcing new BRICS partner countries. Mao said a list of BRICS partner countries was finally agreed on with consensus among the member countries. The list included Indonesia, Malaysia, Thailand, Belarus, Bolivia, Cuba, Kazakhstan, Uzbekistan and Uganda. BRICS originally consisted of Brazil, Russia, India, China and South Africa. Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates have been admitted as new members. China stands ready to work with other BRICS members and partner countries to follow the spirit of openness, ..

Updated On: 24 Dec 2024 | 10:09 PM IST

Brics developing tools to lead global economy, attract new members: Putin

Russian head of state emphasised that the association works for the interests of the member states

Updated On: 20 Dec 2024 | 7:22 AM IST

US' overreach, not Brics, poses the real threat to dollar dominance

If Trump wants to maintain the dollar's primacy, he should recognise that its value is not dependent on American power and threats, but on American reliability

Updated On: 16 Dec 2024 | 7:59 AM IST

Brics nations have no interest in weakening US dollar: EAM Jaishankar

His remarks came a week after US President-elect Donald Trump had demanded that Brics member countries commit to not creating a new currency

Updated On: 07 Dec 2024 | 3:33 PM IST

US continues to exploit other economies for their benefit: Vladimir Putin

Addressing the VTB Investment Forum in Moscow on Wednesday, Putin said that the opponents of the US did a lot to undermine the fundamental basis of dollar as their international reserve currency

Updated On: 05 Dec 2024 | 12:07 PM IST

Any US tariffs on Brics nations could impact semiconductor supply: Malaysia

Trade minister Tengku Zafrul Aziz said Malaysia was closely monitoring developments after US President-elect Donald Trump said Brics members would face 100 per cent tariffs

Updated On: 05 Dec 2024 | 11:18 AM IST

Unclear if US law permits Trump's 100% tariff threat on Brics: Ex-RBI Guv

President-elect Donald Trump's warning that BRICS countries will face 100 per cent tariffs if they choose to move away from the US dollar is unclear to what extent he will carry out his threat, as it remains to be seen if the US law permits such an action, former RBI Governor Duvvuri Subbarao said on Monday. He also said even for BRICS, there are internal differences about bringing out an alternative to the US Dollar. The nine-member group that includes India, Russia, China, and Brazil, moving out of the US currency and having a common one remains a non-starter because of both politics and economics. "Donald Trump has threatened to slap 100 per cent tariffs on imports from countries that try to move out of the dollar. His ire was particularly directed at the BRICS bloc which has been actively talking about developing an alternative to the dollar. Trump is known to bark more than he bites," Subbarao told PTI. BRICS, formed in 2009, is the only major international group of which the

Updated On: 02 Dec 2024 | 1:54 PM IST

Trump threatens 100% tariff on Brics nations if they act to weaken dollar

President-elect Donald Trump on Saturday threatened 100 per cent tariffs against a bloc of nine nations if they act to undermine the US dollar. His threat was directed at countries in the so-called BRIC alliance, which consists of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates. Turkey, Azerbaijan and Malaysia have applied to become members and several other countries have expressed interest in joining. While the US dollar is by far the most-used currency in global business and has survived past challenges to its preeminence, members of the alliance and other developing nations say they are fed up with America's dominance of the global financial system. The dollar represents roughly 58 per cent of the world's foreign exchange reserves, according to the IMF and major commodities like oil are still primarily bought and sold using dollars. The dollar's dominance is threatened, however, with BRICS' growing share of GDP and the alliance's

Updated On: 01 Dec 2024 | 7:35 AM IST