Trump warns BRICS countries if they try to replace dollar: '100% tariffs'
The US dollar is the most frequently used currency in the global economy
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President-elect Trump on Saturday threatened "100% tariffs" on the bloc of countries known as BRICS – Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates – if they try to replace or move away from the U.S. dollar.
"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."
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President-elect Trump on Saturday warned the bloc of countries known as BRICS – Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates – if they try to replace or move away from the U.S. dollar. (Allison Robbert/Pool via AP, File / AP Newsroom)
"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.
After the U.S. imposed debilitating sanctions of Russia over its 2022 invasion of Ukraine, the group of countries began to increasingly discuss relying less on the dollar, according to Politico.
Replacing the dollar has been a goal of the BRICS group for years, but it has been previously thwarted by infighting among the various countries.
After the U.S. imposed debilitating sanctions on Russia over its 2022 invasion of Ukraine, the group of countries began to increasingly discuss relying less on the dollar. (Getty Images / Getty Images)
TRUMP'S PROPOSED TARIFFS ON MEXICO, CANADA, CHINA WILL INCREASE INFLATION, GOLDMAN SACHS WARNS
The U.S. dollar is the most frequently used currency in the global economy.
Trump has also threatened 25% tariffs on Mexico and Canada over illegal immigration and the flow of illegal drugs across the U.S.’ northern and southern borders.
Trump said he had a "very productive" conversation with Canadian Prime Minister Justin Trudeau. (Dan Kitwood/Getty Images)
He has since spoken to Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau.
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Sheinbaum said she believes a tariff war can be averted and Trump called his conversation with Trudeau "very productive," but neither leader specified if any decision had been made regarding tariffs.