The United States’ President-elect Donald Trump issued a stark warning on Monday, threatening 100% tariffs on BRICS nations if they pursue plans to challenge the US dollar’s dominance.
Writing on Truth Social, Trump demanded a commitment from BRICS members, including Brazil, Russia, India, China, and South Africa, not to create or back an alternative currency. “We require a commitment… 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 percent Tariffs,” Trump declared.
The comments follow an October summit in Kazan, Russia, where BRICS nations discussed bolstering non-dollar transactions and strengthening local currencies. A joint declaration endorsed the strengthening of correspondent banking networks and enabling settlements in local currencies.
However, Russian President Vladimir Putin downplayed speculation about a unified BRICS currency or a rival to the SWIFT financial messaging system, stating these were not immediate priorities.
BRICS has grown to include nations such as Iran, Egypt, and the UAE, representing a significant share of global economic output. Trump’s remarks signal a protectionist stance against potential economic realignments that could threaten the dollar’s central role in international trade.
If BRICS persists, they “should expect to say goodbye to selling into the wonderful US Economy,” Trump wrote, emphasizing his intent to defend American interests aggressively.
The threats come as Trump prepares to implement a protectionist economic agenda, heightening tensions with global partners. His rhetoric underscores the challenges BRICS nations may face if they continue efforts to reduce dependence on the US dollar.
