Trump Threatens BRICS with 100% Tariff Over Currency Plans
Donald Trump has threatened to impose a 100% tariff on BRICS nations if they pursue efforts to undermine the US dollar.
Writing on his Truth Social platform, Trump stated, “We require a commitment… 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.”
The BRICS coalition includes Brazil, Russia, India, China, South Africa, and other emerging economies.
The warning follows the recent BRICS summit held in Kazan, Russia, where member nations discussed reducing reliance on the dollar and enhancing transactions in local currencies.
Since its formation in 2009, BRICS has expanded to include countries like Iran, Egypt, and the UAE, collectively representing a substantial portion of global economic output.
During the October summit, the group endorsed strengthening correspondent banking networks and advancing the BRICS Cross-Border Payments Initiative to facilitate settlements in local currencies.
However, Russian President Vladimir Putin clarified that BRICS is neither developing nor planning any alternatives to the SWIFT financial messaging system.
He also emphasised that the idea of a unified BRICS currency is not currently under consideration.
Trump, who has long championed protectionist policies, issued a stern warning to BRICS nations.
He wrote, “They can go find another ‘sucker!’ 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.”
Trump’s remarks highlight his ongoing commitment to safeguarding the US economy through aggressive trade measures aimed at countering perceived threats to the dollar’s dominance.