United States President-elect Donald Trump has threatened to impose 100% tariffs on the bloc of countries known as BRICS countries if they attempt to replace or abandon the U.S. dollar.
The bloc is made up of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates.
Trump unleashed the stringent warning in a post on Truth social media on Saturday afternoon.
“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER,” Trump wrote on Truth Social on Saturday afternoon.”
He continued, “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,” he wrote.
Politico reports that the group of countries began to increasingly discuss relying less on the dollar after the U.S. imposed severe sanctions on Russia over its 2022 invasion of Ukraine.
The report claimed that replacing the United States dollar has been a goal of the BRICS countries for years. However, it has been previously thwarted by infighting among the various countries.
Recall that the U.S. dollar is the most frequently used currency in the global economy.
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