2 hours ago
Last Updated:January 31, 2025, 08:04 IST
Trump has vowed to pursue a protectionist agenda, threatening hefty tariffs on neighbours and rivals. If BRICS countries continue with their plans, Trump warned, they "should expect to say goodbye to selling into the wonderful US Economy," he wrote
United States President Donald Trump has threatened BRICS group nations with a 100% tariff. (AP Image)
United States President Donald Trump on Monday threatened to impose a 100% tariff on the BRICS group nations if they undercut the US dollar.
“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% Tariffs," Trump wrote on his Truth Social website, referring to the grouping that includes Brazil, Russia, India, China, South Africa and others.
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…— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) January 31, 2025
The statement comes after a BRICS summit held last month in Kazan, Russia, where the countries discussed boosting non-dollar transactions and strengthening local currencies.
The BRICS group has expanded significantly since its inception in 2009, and now includes countries such as Iran, Egypt and the United Arab Emirates. Altogether the BRICS coalition accounts for a significant minority of the world’s economic output.
At the Kazan summit in October, Moscow secured a joint declaration encouraging the “strengthening of correspondent banking networks within BRICS and enabling settlements in local currencies in line with BRICS Cross-Border Payments Initiative."
But at the end of the summit, Putin indicated that little progress had been made on launching a possible competitor to the Belgium-based SWIFT financial messaging system.
“As for SWIFT and any alternatives, we have not created and are not creating any alternatives," Putin told reporters at the end of the summit.
He added: “As for a unified BRICS currency, we are not considering that question at the moment."
Trump has vowed to pursue a protectionist agenda, threatening hefty tariffs on neighbours and rivals.
If BRICS countries continue with their plans, Trump warned, they “should expect to say goodbye to selling into the wonderful US Economy," he wrote.
“They can go find another ‘sucker!’ There is no chance that the BRICS will replace the US Dollar in Trade, and any Country that tries should wave goodbye to America."
(This story has not been edited by News18 staff and is published from a syndicated news agency feed - AFP)Location :Washington D.C., United States of America (USA)
First Published:January 31, 2025, 08:04 IST
News world Trump Threatens BRICS Nations With 100% Tariff If They Undercut US Dollar
