"Replace USD face 100% tariffs," Donald Trump once again holds out threat to BRICS nations
Donald Trump Warns BRICS Nations Against Replacing US Dollar
US President Donald Trump has issued a warning to BRICS nations about replacing the US Dollar with another currency. In a post on Truth Social, Trump stated that any attempt by BRICS countries to create a new currency or support an alternative to the dollar would result in 100% tariffs on their exports to the US. He emphasized that the US economy would not be challenged by such financial shifts.
Trump's statement reinforced his administration's commitment to maintaining the US dollar's dominance in global trade. He had previously warned BRICS nations during a signing ceremony at the Oval Office, stating that they would face tariffs if they attempted to move away from the dollar. Trump rejected claims that the US was in a vulnerable position, asserting that the US holds leverage over BRICS countries.
BRICS nations, including Brazil, Russia, India, China, and South Africa, have been working on reducing their dependence on the dollar. At the 15th BRICS Summit in 2023, Russian President Vladimir Putin called for de-dollarisation, urging BRICS countries to expand settlements in national currencies. In June 2024, BRICS foreign ministers met in Russia to advocate for the increased use of local currencies in trade and financial transactions.
Doubts Revealed
Donald Trump
Donald Trump is a businessman and politician who served as the 45th President of the United States from 2017 to 2021.
BRICS Nations
BRICS is a group of five major emerging economies: Brazil, Russia, India, China, and South Africa. These countries work together on various economic and political issues.
US Dollar
The US Dollar is the official currency of the United States and is widely used in international trade and finance.
100% tariffs
A tariff is a tax on goods coming into a country. A 100% tariff means doubling the cost of those goods, making them very expensive.
Truth Social
Truth Social is a social media platform launched by Donald Trump to share his views and communicate with his supporters.
De-dollarisation
De-dollarisation is the process of reducing reliance on the US Dollar in international trade and finance, often by using other currencies.
Global trade
Global trade refers to the exchange of goods and services between countries all over the world.
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