US President-elect Donald Trump has issued a stern warning to BRICS nations, threatening to impose a 100% tariff if they abandon the US dollar in international trade.
In a statement on Truth Social, Trump said, “The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER.“
Trump demanded that BRICS countries commit to using the dollar as their reserve currency and refrain from creating a new BRICS currency or backing alternatives.
“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 warned.
The BRICS bloc, which includes Brazil, Russia, India, China, and South Africa, has expanded to include Iran, Egypt, Ethiopia, and the United Arab Emirates. The group planned to challenge US global leadership and promote economic cooperation among its member states.
BRICS nations have discussed shifting from the dollar in recent years, especially after the US imposed sanctions on Russia in 2022. The move is seen as an attempt to reduce reliance on the US dollar and promote economic independence.
Thanks for dinner last night, President Trump. I look forward to the work we can do together, again. pic.twitter.com/lAWFMTtQt7
— Justin Trudeau (@JustinTrudeau) November 30, 2024
The BRICS summit in October saw Russian President Vladimir Putin and Chinese leader Xi Jinping project a message that the West stands isolated in the world while a “global majority” of countries support their bid to challenge American global leadership.
Trump’s threat follows his proposals to hike tariffs on Mexico, Canada, and China to address illegal migration and drug trafficking. The Trump threat led Canadian PM Justin Trudeau to dash 1,000 Km to Mar-a-Lago weekend for an emergency meeting with Trump even before his inauguration.
Mexican President Claudia Sheinbaum also rushed a call to Mr. Trump to discuss the latest Trump proposals on tariffs and border security.
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