President-elect Donald Trump has warned that he will impose a 100 percent tariff on nations within the BRICS group if they devalue 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 percent Tariffs,” Trump wrote on his Truth Social website, referring to the grouping that includes Brazil, Russia, India, China, South Africa and others.
The statement follows a BRICS summit held last month in Kazan, Russia, where member countries focused on expanding non-dollar transactions and reinforcing local currencies.
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Since its founding in 2009, the BRICS group has grown significantly, now including nations such as Iran, Egypt, and the United Arab Emirates. Together, the BRICS coalition represents a substantial portion of the world’s economic output.
During the Kazan summit in October, Moscow secured a joint declaration aimed at enhancing correspondent banking networks within BRICS and promoting local currency settlements as part of the BRICS Cross-Border Payments Initiative.
However, at the conclusion of the summit, Putin acknowledged that little progress had been made in developing a potential alternative to the SWIFT financial messaging system, based in Belgium.
“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.”
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