Trump threatens to tax BRICS countries 100% if they continue creating new currency

CNN-

President-elect Donald Trump said he would require countries that are part of BRICS, a group of emerging economies backed by China and Russia, to commit not to create a new currency or be facing 100% tariffs during his term.

Gone is the idea that the BRICS countries are trying to move away from the dollar while we sit idly by. We demand that these countries commit not to create a new BRICS currency, nor support another currency to replace the powerful US dollar, otherwise they will face 100% tariffs and should expect to tell the review for sale in the wonderful American economy. , Trump posted on Truth Social Saturday afternoon.

BRICS had consisted of Brazil, Russia, India, China and South Africa since 2011. Earlier this year, Iran, Saudi Arabia, the United Arab Emirates, Ethiopia and Egypt have officially joined the first expansion in over a decade. Thirty-four countries have expressed interest in joining the bloc of major emerging economies, South African Foreign Minister Naledi Pandor said in February.

The leader of a member country, Brazilian Luiz Incio Lula da Silva, proposed in 2023 to create a common currency in South America to reduce dependence on the US dollar.

Using BRICS currencies and banking networks outside of the U.S. dollar-denominated system could allow member countries such as Russia, China and Iran to circumvent Western sanctions. But the chances of a new currency are likely slim due to the alliances' economic and geopolitical differences.

This expanding group is valuable to China as it seeks to forge closer partnerships with key players to challenge U.S. global leadership. And it is also a boon for Russia, which was shunned economically and diplomatically by the West after its invasion of Ukraine in 2022. This year, Russia assumed the rotating presidency of the group.

At the BRICS summit in October, Russian President Vladimir Putin and Chinese leader Xi Jinping sought to project the message that the West is isolated around the world, while a global majority of countries support their bid to challenge the American global leadership.

Trump's latest economic threat comes days after he pledged to massively raise tariffs on goods from Mexico, Canada and China on his first day in office. The move, Trump said, will be retaliation for illegal immigration, crime and drugs crossing the border.

Since that announcement, Trump spoke with Mexican President Claudia Sheinbaum for the first time after the tariffs were announced, but they made conflicting statements on that call. Canadian Prime Minister Justin Trudeau, meanwhile, traveled to Trump's Mar-a-Lago estate in Florida to meet the president. Trudeau said Friday's dinner with Trump was a great conversation, and the president-elect called it a very productive meeting.

CNN's Simone McCarthy, Robert Ilich and Kit Maher contributed to this report.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: cgurgu@internetmarketingcompany.BizWebsite: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos