Trump vows 100% tariffs on BRICS nations if they develop currency to replace US dollar
Trump said the United States needed a commitment from the bloc that it would not create a new BRICS currency or back any other currency to undermine the dollar.
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United States President-elect Donald Trump has threatened 100% tariffs on the BRICS bloc and its allies unless they abandon efforts to reduce reliance on the US dollar in international trade.
“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER,” Trump posted on X on Sunday.
The BRICS group, initially comprising Brazil, Russia, India, China and South Africa, has expanded to include Iran, Saudi Arabia, the United Arab Emirates, Argentina, Egypt and Ethiopia.
The bloc has been vocal about creating alternatives to the dollar, with Russia and China leading the call for a new reserve currency. A BRICS currency proposal was discussed at last year’s summit in South Africa and the October summit in Russia’s Kazan, reported AP.
“We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy,” Trump said on Sunday.
At the October BRICS summit, Russian President Vladimir Putin criticised Western nations for “weaponising” the dollar through sanctions, which he said “undermine trust in this currency and diminish its powers”.
“It’s not us who refuse to...
