US President threatens BRICS with tariffs if they dump US dollar
US President Donald Trump has threatened BRICS member countries against any move that undermines the “mighty US dollar,” warning that nations abandoning the dollar “should say hello to tariffs and goodbye to America.”
In an attempt to dissuade BRICS from replacing the US dollar as the reserve currency, Trump on Thursday repeated the same tariff threat he had made following his election as US president in November.
“We are going to require a commitment from these seemingly hostile countries 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 declared. “There is no chance that BRICS will replace the US dollar in international trade, or anywhere else.”
Although BRICS does not have a common currency, discussions on reducing reliance on the US dollar have gained momentum, particularly after the West imposed sanctions on Russia over Ukraine.
Trump’s statement is almost identical to the remarks he made after his inauguration, threatening the European Union with tariffs.
Beyond BRICS and the EU, the US president has also targeted Canada and Mexico, accusing them of failing to stop illegal immigration and fentanyl trafficking into the US. Back in November, he pledged a 25% tariff on imports from both countries.
Representing nearly half of the world's population, BRICS is widely seen as a counterweight to the Western-dominated G7.
The bloc, founded in 2009 to challenge Western economic hegemony, originally consisted of Brazil, Russia, India, China, and South Africa. It has since expanded to include Egypt, Ethiopia, the United Arab Emirates, Indonesia, and Iran—all key players in the emerging multi-polar world order.
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