By Abiola Olawale
President of the United States, Donald Trump, has again threatened to impose 100% tariffs on the BRICS countries if they continue in their attempt to move away from using the US dollar in international trade or develop an alternative currency.
Trump issued this in a social media post on Truth Social, where he emphasized the need for a commitment from these nations not to undermine the dollar’s status as the world’s primary reserve currency.
His threats in coming in the midst of ongoing discussions within the BRICS bloc (Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates) about reducing their dependency on the US dollar, especially after tensions escalated with sanctions related to global conflicts like the Ukraine situation.
Trump asserted: “The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER.
“We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency nor back any other Currency to replace the mighty U.S. Dollar.
“If not, they will face 100 per cent Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy.”
This move by Trump has been seen as an attempt to maintain the US dollar’s dominance in global trade, which could have major implications for international trade dynamics.
It would be recalled that during Trump’s campaign for the 2024 US presidential election, he declared several times that his administration would implement an “America First” policy.
He had maintained that any policy that didn’t positively affect the US would be changed or dumped.
President of the United States, Donald Trump, has again threatened to impose 100% tariffs on the BRICS countries if they continue in their attempt to move away from using the US dollar in international trade or develop an alternative currency.
Trump issued this in a social media post on Truth Social, where he emphasized the need for a commitment from these nations not to undermine the dollar’s status as the world’s primary reserve currency.
His threats in coming in the midst of ongoing discussions within the BRICS bloc (Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates) about reducing their dependency on the US dollar, especially after tensions escalated with sanctions related to global conflicts like the Ukraine situation.
Trump asserted: “The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER.
“We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency nor back any other Currency to replace the mighty U.S. Dollar.
“If not, they will face 100 per cent Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy.”
This move by Trump has been seen as an attempt to maintain the US dollar’s dominance in global trade, which could have major implications for international trade dynamics.
It would be recalled that during Trump’s campaign for the 2024 US presidential election, he declared several times that his administration would implement an “America First” policy.
He had maintained that any policy that didn’t positively affect the US would be changed or dumped.
