Trump Threatens 100% Tariffs on BRICS Nations
President-elect Donald Trump has threatened to impose 100% tariffs on BRICS countries if they create a new currency to compete with the US dollar. In a post on Truth Social, Trump warned that these countries must commit to not creating a new currency or backing one to replace the dollar or face severe tariffs and lose access to the US market.
BRICS, which includes Brazil, Russia, India, China, and South Africa, and new members like Iran and Egypt, has been exploring alternatives to the US dollar for trade. However, Russian President Vladimir Putin has downplayed the idea, stating that the group is not currently focused on creating a common currency.
Brazil’s President Lula proposed a South American currency in 2023 to reduce reliance on the US dollar, but economic and geopolitical differences make its adoption unlikely.
Trump’s threat follows his recent pledge to raise tariffs on goods from Mexico, Canada, and China as part of his “America First” policy.
Experts warn that Trump’s proposed tariffs could escalate global trade tensions, with potential consequences for inflation and international trade.
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