Trump Threatens 100% Tariff on BRICS Countries if Dollar is Replaced

Former U.S. President Donald Trump issues a stern warning to BRICS nations, threatening a 100% tariff if they proceed with replacing the U.S. dollar in global trade.

President-elect Donald Trump has warned that he may implement a 100 percent tariff on the nations within the BRICS group if they engage in actions that undermine the US dollar.

“We demand a commitment from them not to establish a new BRICS currency or support any other currency that could replace the US dollar; otherwise, they will be subject to 100 percent tariffs,” Trump posted on his Truth Social website. The statement referred to the group comprising Brazil, Russia, India, China, South Africa and others.

The announcement follows a BRICS summit in Kazan, Russia last month, where member countries deliberated on enhancing non-dollar transactions and bolstering local currencies.

Since its establishment in 2009, the BRICS group has grown considerably and now includes nations like Iran, Egypt, and the United Arab Emirates. Collectively, this coalition represents a notable minority of global economic output.

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During the Kazan summit in October, Moscow successfully obtained a joint declaration advocating for the “enhancement of correspondent banking networks within BRICS and facilitating settlements using local currencies as part of the BRICS Cross-Border Payments Initiative.”

However, at the conclusion of the summit, Putin noted that there had been little progress in developing a potential competitor to SWIFT, the financial messaging system based in Belgium.

Regarding SWIFT and any alternatives, Putin stated to reporters at the conclusion of the summit, “We have not developed nor are we developing any alternatives.”

He stated, “We are not currently considering the issue of a unified BRICS currency.”

Trump has promised to follow a protectionist agenda, warning of imposing significant tariffs on neighboring countries and competitors.

Trump cautioned that if the BRICS nations proceed with their plans, they “should expect to say goodbye to selling into the wonderful US Economy,” he wrote.

“They can go look for another ‘sucker!’ There’s no possibility that the BRICS countries will replace the US Dollar in international trade. Any nation attempting to do so might as well say goodbye to America.”