President-elect Donald Trump has issued a warning to BRICS nations, threatening a 100% tariff if their proposed currency plans undermine the US dollar.
On his Truth Social platform, Trump stated, "We require a commitment... that they will neither create a new BRICS Currency nor support any other currency to replace the mighty US Dollar, or they will face 100 percent tariffs." BRICS includes Brazil, Russia, India, China, South Africa, and others.
The warning follows last month's BRICS summit in Kazan, Russia, where the group discussed reducing reliance on the US dollar in trade and strengthening local currencies.
Since its creation in 2009, BRICS has grown to include countries like Iran, Egypt, and the UAE, representing a significant portion of the global economy.
At the October summit, Moscow secured a declaration to boost correspondent banking within BRICS and promote local currency settlements under the BRICS Cross-Border Payments Initiative.
However, Russian President Vladimir Putin noted no progress had been made on creating an alternative to SWIFT, the global financial messaging system. He also clarified that BRICS is not currently considering a unified currency.
Trump, maintaining his protectionist stance, warned BRICS nations that pursuing these plans would mean losing access to the US market. "They can go find another ‘sucker!’ 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 wrote.
