PARIS, June 3. /TASS/. Brazil and its partner countries will determine what is best for their economies without regard to US President Donald Trump's threats to impose high tariffs on those abandoning the dollar in trade, Brazilian President Luiz Inacio Lula da Silva said in an interview with Le Monde.
"Trump’s threats don’t scare anyone. We will act in the interests of our countries and fight for fairer international trade. It’s not easy. But asking Washington for permission to choose the currency we consider most appropriate for our trade transactions is out of the question," Lula stated.
Commenting on Trump’s policies since taking office this January, Lula noted that the new president was elected by Americans "to govern the United States, not the entire world." Nonetheless, he believes that Washington still views Brazil as a friendly country.
Speaking about the trade duties imposed by the Trump administration, Lula highlighted that Brazil was subject only to a 10% tariff, while other countries faced more severe restrictions. "I’ve clearly instructed my ministers to negotiate as much as possible, and if that fails, we are prepared to apply the principle of reciprocity in customs duties," he told the publication.
Lula also urged against portraying BRICS as a bloc opposed to anyone, emphasizing that the upcoming BRICS summit in Rio de Janeiro on July 6-7 will not focus on responding to US actions.
"For too long, countries of the Global South have been seen as merely developing nations that don’t cause trouble. That era is over. BRICS now accounts for 39% of global GDP and more than half of the world’s population. We’ve become a major economic and political force," he said.
BRICS and single currency concept
BRICS was established in 2006, initially comprising Brazil, Russia, India, and China. South Africa joined in 2011. On January 1, 2024, Egypt, Ethiopia, Iran, and the United Arab Emirates became full members. Indonesia followed on January 6, 2025.
On January 31, Kremlin Spokesman Dmitry Peskov clarified that while the creation of a common BRICS currency was not under discussion, the development of joint investment platforms had been. His comments came in response to Trump’s threat to impose 100% tariffs on BRICS members should they attempt to establish a new currency or an alternative to the US dollar.