United States President Donald Trump said that his government needs a commitment from the BRICS member countries that they will neither create any new BRICS currency nor support any other currency which will replace the US dollar. Trump said that if the countries decide to do so, they will face 100% tariffs.
Taking to his social media platform Truth Social, Trump wrote, “The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER. 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 U.S. Dollar or, 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. There is no chance that BRICS will replace the U.S. Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!” he added.
Trump’s Multiple Warnings To BRICS Nations Over Currency
Trump had earlier warned the BRICS nations, comprising Brazil, Russia, India, China and South Africa, from taking any action to replace the US dollar in December last year after winning the presidential elections.
In his first presidential term, Trump had slammed BRICS for grouping up against the interest of the US economy.
The largest economy of the world shares some major trading relationships with India, Brazil and China.
Last month, Bloomberg reported that Trump and his team have been discussing ways in which allies and adversaries can be punished if they try to engage in bilateral trade in other currencies.
The measures discussed included currency manipulation charges, export controls and levies on trade, said the report.
