U.S. President Donald Trump claimed that his threat to impose a 10% tariff on BRICS nations “scared them off,” causing low turnout at their summit. However, the BRICS meeting in Rio de Janeiro continued as scheduled with full attendance from all 11 member countries.

Speaking at the signing of the GENIUS Act at the White House on Friday, Trump criticized BRICS as “a little group of six countries,” claiming they aimed to challenge the dominance of the U.S. dollar.

“I said, anyone in the BRICS consortium, we’re going to tariff you 10%,” Trump said. “They had a meeting the next day, and almost nobody showed up… seriously.”

Despite the claim, BRICS leaders—including India, China, Russia, Brazil, and South Africa—attended the full summit. India, notably, has opposed the idea of a common BRICS currency. External Affairs Minister S. Jaishankar recently reaffirmed India’s support for the dollar, calling it essential for “international economic stability.”

Trump also warned that any serious move toward a BRICS currency would “end very quickly,” claiming member nations are “virtually afraid to meet.”

The remarks came as Trump signed the bipartisan GENIUS Act, aimed at regulating U.S. stablecoins. The law requires financial institutions to back digital currencies with assets like the dollar, reinforcing the dollar’s reserve status. White House Crypto Advisor David Sacks said the move would generate massive demand for U.S. Treasury bonds.

Trump stressed that protecting the dollar’s global status was critical, saying, “If we lost that, it would be like losing a world war.”

While touting his tough approach to BRICS, Trump also hinted that a major tariff deal is imminent but gave no specifics.