ISTANBUL: US President-elect Donald Trump issued a warning Saturday to nations that he would impose a 100% tariff on any BRICS country that attempts to move from the US dollar in international trade, reported AA.
Referring to the economic alliance of Brazil, Russia, India, China and South Africa -- now expanded to include Iran, Egypt, Ethiopia, and the United Arab Emirates,
“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 that is Russia, India, China and South Africa that has expanded to include Iran, Egypt, Ethiopia, and the United Arab Emirates
Trump demanded that they commit to using the dollar 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 per Tariffs, and should expect to say goodbye to selling into the wonderful US Economy,“ he said.
BRICS have 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% tariff on China, to address illegal migration and drug trafficking into the US.
A spokesperson for the Trump transition team did not immediately respond to requests for clarification on the tariff specifics for BRICS nations or China.
