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Dec 2, 2024 1:07 PM - Connect Newsroom

Trump vows 100% tariff on BRICS bloc if dollar countered with new currency

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BRICS, formed in 2009, is the only major international group of which the US is not a part. Its members are India, Russia, China, Brazil, South Africa, Iran, Egypt, Ethiopia and the UAE.(Photo: The Canadian Press)

US President-elect Donald Trump has threatened BRICS countries of 100 per cent tariffs if they try to “move away from the US dollar and carry out international trade using a separate BRICS currency”.

In a post on X, Trump said, “The idea that the BRICS countries are trying to move away from the dollar while we stand by and watch is over. India, China, Russia, Brazil and South Africa are the key partners of BRICS.”

“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 US dollar or they will face 100% tariffs and should expect to say goodbye to selling (goods) to the wonderful US economy,” Trump warned.

“There is no chance that BRICS will replace the US dollar in international trade and any country that tries it should wave goodbye to America,” he added.

BRICS, formed in 2009, is the only major international group of which the US is not a part. Its members are India, Russia, China, Brazil, South Africa, Iran, Egypt, Ethiopia and the UAE. For the past few years, Russia and China have been seeking an alternative to the US dollar or creating a BRICS currency.

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