U.S. President Donald Trump has warned the BRICS group of emerging economies of a 100% tariff if they abandon the U.S. dollar for international transactions.
He made this threat on his social media platform, Truth Social.
“The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is over.
“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 US Dollar.
“If not, they will face 100 per cent Tariffs, and should expect to say goodbye to selling into the wonderful US Economy,” Trump said.
BRICS is an acronym formed from the initials of its founding members—Brazil, Russia, India, China, and South Africa.
In early 2024, Iran, Ethiopia, Egypt, and the United Arab Emirates joined the bloc, followed by Indonesia in January.
The group seeks to serve as a counterbalance to the G7, the alliance of leading Western economies.
Meanwhile, Russian President Vladimir Putin has repeatedly criticized the dominance of the U.S. dollar and has announced plans to establish an independent payment and clearing system within BRICS.
The U.S. dollar remains the primary currency in global transactions. However, by introducing an alternative non-Western currency, Moscow aims to reduce its vulnerability to Western sanctions imposed over Russia’s war in Ukraine.
Notably, during his first term from 2017 to 2021, Trump imposed various tariffs on imported goods.
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