Trump promises huge tariffs to BRICS countries if they abandon US currency

President-elect Donald Trump on Saturday threatened to impose 100% tariffs on BRICS countries that are trying to abandon the use of the US dollar as a currency.

The idea that the BRICS countries are trying to move away from the dollar while we sit idly by is over. 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 said in a message to Truth Social.

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BRICS, an acronym for Brazil, Russia, India, China and South Africa, is an economic and geopolitical bloc whose power has grown in recent years, rivaling that of the Group of Seven, a coalition of major industrial nations led by the United States. The BRICS coalition recently expanded to include Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates.

Russian President Vladimir Putin, right, greets Vietnamese Prime Minister Pham Minh Chinh during their bilateral meeting on the sidelines of the BRICS summit in Kazan, Russia, Thursday, Oct. 24, 2024. (Alexander Nemenov, Pool Photo via AP)

While the US dollar largely dominates the international financial system, BRICS has supported the creation of an alternative currency in a move that could potentially lead to dedollarization, with huge implications for the United States.

Trump said Saturday that the rival group could go for another “sucker.”

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There is no chance of BRICS replacing the US dollar in international trade, and any country trying to say goodbye to America, he said.

The president-elect promises to impose drastic tariffs on BRICS countries after his announcement this week on planned tariffs against Mexico and Canada. Trump's plans would implement 25% tariffs on both countries to stop the flow of drugs and illegal immigrants across U.S. borders on the day he takes office, January 20, 2025.

Trump said he had a very productive meeting with Canadian Prime Minister Justin Trudeau on Saturday, during which they appeared to discuss upcoming tariffs.

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We discussed many important issues that both countries will need to work together on, such as the fentanyl and drug crisis that has decimated so many lives due to illegal immigration, fair trade agreements that do not endanger American workers and the huge trade deficit. the United States has with Canada, he said in an article published in Truth Social.

I have made it very clear that the United States will no longer stand idly by as our citizens become victims of the scourge of this drug epidemic, caused primarily by drug cartels and the influx of fentanyl from China. Too much death and hardship! Prime Minister Trudeau is committed to working with us to end this terrible devastation of American families. We also covered many other important topics like energy, trade and the Arctic. These are all vital issues that I will address during my first days back in office, and before, he continued.

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