President-elect Donald Trump, in a bold statement on his Truth Social platform, warned that BRICS nations could face a 100% tariff if they move forward with efforts to replace the US dollar in international trade.
Trump’s remarks highlight his commitment to protecting the US economy and the dollar’s dominance in global markets.
The BRICS coalition, which includes Brazil, Russia, India, China, and South Africa, has been exploring alternatives to the dollar in recent years. During their October summit in Kazan, Russia, the group discussed initiatives to promote trade in local currencies and reduce dependence on the dollar.
A key point of discussion was the BRICS Cross-Border Payments Initiative, aimed at strengthening financial cooperation within the group.
Despite these discussions, Russian President Vladimir Putin clarified that BRICS is not currently working on a unified currency or an alternative to the SWIFT payment 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 neighbors 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 International Trade, and any Country that tries should wave goodbye to America.”
