Donald Trump threatens 100% tariffs on BRICS nations over plans to replace US Dollar; read post
By Sunita Iyer | First Published Dec 1, 2024, 3:12 AM ISTPresident-elect Donald Trump warned BRICS nations of 100% tariffs if they pursue a currency to challenge the US dollar in global trade.
In a forceful statement on Saturday, US President-elect Donald Trump issued a stern warning to BRICS member nations and their allies, threatening to impose 100% tariffs on their exports to the United States if they proceed with plans to introduce or support a currency aimed at replacing the US dollar in international trade.
The warning, delivered on Trump’s social media platform, Truth Social, comes amid the BRICS bloc’s ongoing discussions to reduce reliance on the US dollar.
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The bloc—comprising Brazil, Russia, India, China, and South Africa—has been exploring the creation of a shared currency to facilitate trade among members and shield their economies from the influence of US monetary policies and sanctions. Recently, new members, including Iran, Egypt, Ethiopia, and the UAE, have joined the bloc, signaling its growing global influence.
In his post, Trump demanded a formal assurance from BRICS nations that they would abandon any plans to establish an alternative to the US dollar. "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 US dollar, or they will face 100% tariffs," Trump stated.
He further warned that countries supporting such efforts would risk losing access to the US market. “They should expect to say goodbye to selling into the wonderful US economy,” he said.
Despite the harsh rhetoric, Trump dismissed the likelihood of BRICS successfully undermining the dollar’s dominance. “There is no chance that the BRICS will replace the US dollar in international trade, and any country that tries should wave goodbye to America,” he asserted.
The BRICS initiative to establish a shared currency has been viewed as a direct challenge to the dollar’s supremacy in global trade and finance. Advocates of the move argue it would strengthen their economic sovereignty and reduce vulnerability to US-led sanctions.
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