Donald Trump threatens 100% tariff on Brics nations, if they create a new currency to rival the US dollar

U.S. President-elect Donald Trump has threatened to impose 100% tariffs on the BRICS group, a coalition of nine nations if they attempt to create a currency rival to the U.S. dollar. The BRICS alliance includes major world powers such as China, India, and Russia, along with Brazil, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates.

Some BRICS members have expressed interest in reducing the U.S. dollar’s dominance in the global economy. During his campaign, Trump pledged to make it costly for countries to move away from the dollar, and he has threatened to use tariffs to ensure compliance.

Trump and his economic advisers have been discussing potential ways to punish both allies and adversaries who engage in bilateral trade using currencies other than the dollar. Possible measures under consideration include export controls, currency manipulation charges, and levies on trade, according to sources familiar with the discussions.

“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 social media on Saturday. This latest message from Donald Trump, who will take office next year on 20 January, was aimed at the Brics, a bloc of mostly emerging economies.

“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,” Trump wrote on his social media platform Truth Social.

“They can go find another sucker,” he said.

The warning came less than a week after Trump declared he would impose tariffs on Canada, Mexico and China once he was inaugurated as president.

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