Trump threatens 100% tariffs on BRICS countries
US President-elect Donald Trump (photo: Getty Images)
US President-elect Donald Trump has threatened to impose 100% tariffs on the BRICS countries in his post on Truth Social if they do not give up trying to find an alternative to the dollar in international trade.
According to him, the idea that the BRICS countries could abandon the dollar in international settlements has come to an end.
“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, and should expect to say goodbye to selling into the wonderful US Economy,” he said.
He also noted that there is no chance that the BRICS will find a replacement for the dollar. And any country that tries to do so “should wave goodbye to America.”
The BRICS grouping includes Brazil, Russia, India, China, South Africa, Iran, the UAE, Egypt, and Ethiopia. Several other countries are applying for membership.
Who in BRICS wants to find a replacement for the dollar
This year at the BRICS summit in Russia, it was planned to launch a new currency as part of the abandonment of the US dollar in international settlements. The idea was actively promoted by Russian leader Vladimir Putin, but other participants, such as India and China, were against it, and serious disagreements were reported.
According to Bloomberg, the Bank for International Settlements (BIS) is already discussing the closure of the pilot cross-border payment platform. Putin has called the technology behind it a tool to circumvent sanctions and potentially undermine the dollar's dominance.
