Trump reiterates threat to impose 100% tariffs on BRICS nations if they attempt to replace dollar
The US president said that 25% tariffs on Canada and Mexico would take effect on Saturday.
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United States President Donald Trump on Friday reiterated his threat to impose 100% import tariffs on BRICS countries if they moved towards reducing reliance on the US dollar in global trade, reported The Indian Express.
In a post on Truth Social, Trump said the US “will not stand idly by” while BRICS countries develop an alternative currency.
The BRICS group, initially comprising Brazil, Russia, India, China and South Africa, has expanded to include Iran, Indonesia, the United Arab Emirates, Egypt and Ethiopia.
Trump’s warning came a day after he announced that 25% tariffs on Canada and Mexico would take effect on Saturday. He said he was still considering whether to include oil in the import taxes, reported AP.
On Friday, he demanded that BRICS nations stop efforts to create or support currencies competing with the US dollar, warning of severe consequences, including 100% import tariffs and restricted access to the American market.
Dismissing the idea that BRICS could challenge the dollar’s global dominance, Trump called it “mighty” and irreplaceable. “There is no chance that BRICS will replace the US Dollar in International Trade, or anywhere else,” he wrote. He also issued an ultimatum: “Any Country that tries should say hello to Tariffs, and goodbye to America!”
The BRICS bloc, representing major emerging economies, has been...
