US President Donald Trump on Friday reiterated his threat to BRICS countries over any planned common currency to counter the dollar, saying doing so will invite “100% tariffs” on exports to America.
“The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER (sic),” Trump said in a post on his social media platform Truth Social.
He demanded a commitment from “these seemingly hostile countries” that they will neither create a new BRICS currency, nor back any other currency to replace the US dollar.
“… they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy. They can go find another sucker Nation,” he said.
Trump added that “there is no chance” that any such BRICS currency will replace the greenback in international trade and “any country that tries should say hello to tariffs, and goodbye to America”.
The US president had fired a similar threat in December last year after winning the election. During his first term, Trump had criticised BRICS for supposedly grouping up against US economic interest.
The world’s largest economy has major trading relationship with China, Brazil and India.
Trump has vowed to use punitive tariffs as means to pursue trade parity and geopolitical goals, even against US allies. His team has been discussing ways to punish allies and adversaries alike who seek to engage in bilateral trade in currencies other than the dollar, Bloomberg reported last month. Those measures include considering options such as export controls, currency manipulation charges and levies on trade, the report said.
The BRICS nations, comprising Brazil, Russia, India, China, and South Africa, have been actively discussing de-dollarisation and a more multipolar global financial system since Western sanctions hit Moscow after the Ukraine war erupted in 2022.
Former Reserve Bank of India Governor Shaktikanta Das had said there has been no decision by BRICS about creating a common currency to reduce usage of the dollar. “The geographical spread of the countries has also to be kept in mind, unlike the euro zone which has geographical contiguity,” he said last month.
. Read more on Global Economics by NDTV Profit.The BRICS nations, comprising Brazil, Russia, India, China, and South Africa, have been actively discussing de-dollarisation and a more multipolar global financial system. Read MoreGlobal Economics, World, Budget
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