Trump is now threatening 100% tariffs on the BRICS group — which comprises 9 emerging market countries
President-elect Donald Trump is pushing back against any effort to undermine the US dollar.
President-elect Donald Trump on Saturday lashed out at the BRICS group of emerging market countries, threatening to impose 100% tariffs if they try to “move away” from the US dollar.
BRICS comprises nine countries — Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates — which are aiming to flex their economic power in a world where the US dollar continues to reign supreme as the leading global reserve currency.
Amid Russia’s push for BRIC nations to curb the international dominance of the US dollar, Trump took to his Truth Social platform to decry such a move.
“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER,” he wrote. “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.”
The president-elect continued: “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.”
During an October summit of the BRICS nations, Russian President Vladimir Putin accused the United States of “weaponizing” the dollar.
“It’s not us who refuse to use the dollar,” he said at the time, according to The Associated Press. “But if they don’t let us work, what can we do? We are forced to search for alternatives.”
Trump’s latest remarks came just days after he threatened 25% tariffs on imports from Canada, China, and Mexico, the top three trading partners of the United States. Trump pressed the three countries on the flow of drugs and illegal migrants coming into the United States.
Justin Trudeau, Canada’s prime minister, spoke with Trump earlier this week following the president-elect’s pledge to target his country — and touted the long-standing relationship between the two countries. Trudeau later reiterated that tariffs would hurt both Canadian and American consumers.
On Friday, the prime minister traveled to Trump’s Mar-a-Lago estate in Florida, where he said he had an “excellent conversation” with the president-elect.
Trudeau’s office said in a statement that the prime minister and Trump “shared a productive wide-ranging discussion.”
“As Canada’s closest friend and ally, the United States is our key partner, and we are committed to working together in the interests of Canadians and Americans,” the statement continued.
Mexican President Claudia Sheinbaum, meanwhile, also spoke with Trump on Thursday, saying afterward that “there will not be a potential tariff war” between Mexico and the United States.
