Former US President Donald Trump has warned BRICS nations that he would impose 100% tariffs on their exports if they tried to weaken the US dollar’s position in global trade.
Former US President Donald Trump has warned BRICS nations that he would impose 100% tariffs on their exports if they tried to weaken the US dollar’s position in global trade. “The BRICS Countries will try to find a way away from the Dollar, and watch us stand back and do absolutely nothing,” he declared. “We are going to demand a promise from these seemingly hostile Nations that they will neither establish a new BRICS Currency, nor support any other Currency to replace the almighty US Dollar or, they will be subjected to 100% Tariffs, and should look forward to saying goodbye to selling into the magnificent US Economy. They can go find another sucker Nation. There is no possibility that BRICS will supplant the US Dollar in International Trade, or anywhere else, and any Nation that attempts it should say hello to Tariffs, and goodbye to America!”
His most recent post sounds exactly like what he uttered on November 30, mere days after clinching the presidential election for the United States in 2024.
The BRICS alliance, composed of Brazil, Russia, India, China, and South Africa, has for long called for decreasing reliance on the US dollar, a call that has picked up speed since Western sanctions against Russia that followed its invasion of Ukraine.Other members added by the bloc include Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates.
BRICS has not developed a common currency, even though its states have lately urged trade in local currencies. On 15th BRICS Summit 2023, Russian President Vladimir Putin said BRICS nations “must expand settlements in national currencies and enhance cooperation between banks.“The movement has picked up speed at the BRICS foreign ministers’ meeting that took place in June 2024 in Russia, where the officials are suggesting the use of local currencies both in bilateral and multilateral trade. Still, the US dollar remains the world’s reserve currency. According to a study conducted by the Atlantic Council’s GeoEconomics Center, neither BRICS nor the euro had decreased global reliance on the dollar significantly.
His threatening tactics simply reflect his overall strategy to maintain US economic supremacy. Tariff policies have been a familiar feature in his approach to international trade. Just now, he made tariff proposals against Mexico and Canada, America’s largest trading partners, stating that it is essential to check illegal immigration and trafficking of drugs, especially fentanyl.
During his campaign, Trump also criticized India’s trade practices and described the country as a “very big abuser.” His rhetoric has now extended to other BRICS nations since he continues to maintain that higher tariffs will help bring taxes lower for American businesses and workers while encouraging factory jobs to return to the US.
However, economic analysts warn that this would raise costs for American consumers and industries depending on imported raw materials.