Donald Trump has warned of imposing 100% tariffs on BRICS countries, including Russia and China, if they attempt to replace the U.S. dollar with another currency for international trade.
In a statement on Truth Social, Trump, the president-elect, cautioned that nations supporting a new currency could face severe import duties. He also suggested that these countries may eventually be banned from selling their goods in the U.S.
BRICS, a group formed in 2009, initially included Brazil, Russia, India, and China. Over time, South Africa, Egypt, Ethiopia, Iran, and the UAE have joined the bloc. BRICS members have been exploring ways to reduce dependence on the U.S. dollar, with some proposing the use of local currencies for trade.
Trump’s remarks reflect rising tensions regarding global economic policies and the dominance of the U.S. dollar. While the dollar has long been the cornerstone of international trade and finance, BRICS’ push for alternative currencies presents a challenge to its global standing.