Trump threatens BRICS nations with 100% tariff if they stop using US dollar

Trump threatens BRICS nations with 100% tariff if they stop using US dollar

The president-elect demanded that the bloc commits to using the greenback as its reserve currency.

RUSSIA BRICS SUMMIT
BRICS has discussed shifting from the US dollar in recent years. (EPA Images pic)
ISTANBUL:
US president-elect Donald Trump issued a warning yesterday that he would impose a 100% tariff on any BRICS country that attempts to move from the US dollar in international trade, reported AA.

“The idea that the BRICS Countries are trying to move away from the dollar while we stand by and watch is OVER,” Trump wrote on Truth Social about the bloc of Brazil, Russia, India, China and South Africa that has expanded to include Iran, Egypt, Ethiopia, and the UAE.

Trump demanded that they commit to using the greenback 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, and should expect to say goodbye to selling into the wonderful US economy,” he said.

BRICS has discussed shifting from the dollar in recent years, with discussions intensifying after the US imposed sanctions on Russia in 2022 following its “special military operation” in Ukraine.

“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 said,

The latest threat follows Trump’s proposals, including 25% on Mexico and Canada and an additional 10% on China, to address illegal migration and drug trafficking into the US.

A spokesman for the Trump transition team did not immediately respond to requests for clarification on the tariff specifics for BRICS nations or China.

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