WEST PALM BEACH, Fla. (AP) — President-elect Donald Trump announced on Saturday a proposal to impose 100% tariffs on a coalition of nations if they take actions perceived as threats to the U.S. dollar’s dominance.
The warning targeted members of the BRIC alliance, which includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates. Additional nations, such as Turkey, Azerbaijan, and Malaysia, are in the process of applying to join the bloc, while others have shown interest in alignment.
Although the U.S. dollar remains the world’s primary reserve currency—accounting for roughly 58% of global foreign exchange reserves per IMF data—and is widely used for transactions in commodities like oil, some countries within the bloc have expressed dissatisfaction with its supremacy. The alliance is increasingly advocating for trade using non-dollar currencies in a process called de-dollarization.
Trump emphasized his position in a statement on Truth Social: “We demand assurances from these nations that they will not establish a new BRICS currency or promote any alternative to the mighty U.S. Dollar. Otherwise, they should prepare for 100% tariffs and be ready to lose access to the tremendous U.S. market.”
Trump, in a Truth Social post (Twitter), said: “The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. 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 U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy. They can go find another “sucker!” There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America.”
#bricsNations #brics #bricsCountries #bricsCurrency
The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. 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 U.S. Dollar or, they…
— Donald J. Trump (@realDonaldTrump) November 30, 2024