The President of the United States, Donald Trump, has again warned the BRICS countries of Brazil, Russia, India, China, and South Africa of the dire consequences of abandoning the US Dollar.
In a statement on his Truth Social media platform on Thursday, Trump threatened 100% tariffs if BRICS countries abandon the US Dollar for another currency.
Trump also warned that BRICS countries would lose access to the US economy if they adopted another currency.
“The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER,” Trump declared.
All Stick, No Carrot Trumpnomics
Continuing, Trump said, “We are going to require a commitment from these seemingly hostile 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.“
He added, “They can go find another sucker Nation. There is no chance that BRICS will replace the U.S. Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America.“
BRICS, a group of emerging economies, has been exploring alternatives to the US Dollar for trade. The group includes Brazil, Russia, India, China, and South Africa but has recently expanded to include Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates.
Trump’s latest warning follows similar remarks earlier this month when he cautioned BRICS against steps that could contribute to “de-dollarisation” of the global economy.
Despite these concerns, the US Dollar remains the dominant currency in global trade, accounting for over 90% of transactions.
Yet, a combination of the trading powers of the BRICS nations could challenge Dollar dominance as the world seeks a more multipolar world where there is no one dominant economic, industrial and military superpower.
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