President-elect Donald Trump on Saturday threatened to enact “100% tariffs” on BRICS countries that are trying to move away from using the U.S. dollar as their currency.
“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. We require a commitment from these 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,” Trump said in a post to Truth Social.
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BRICS, an acronym for Brazil, Russia, India, China, and South Africa, is an economic and geopolitical bloc whose power has grown in recent years, rivaling that of the Group of Seven countries, a coalition of leading industrial nations led by the U.S. The BRICS coalition has recently grown to include Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
While the U.S. dollar heavily dominates the international financial system, BRICS has backed the creation of an alternative currency in a movement that could potentially lead to de-dollarization, holding massive implications for the U.S.
Trump said the rival group could “go find another 'sucker'" on Saturday.
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“There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America,” he said.
The president-elect’s promises to place sweeping tariffs on BRICS countries follows his announcement this week on planned tariffs against Mexico and Canada. Trump’s plans would put in motion 25% tariffs on the two countries to stop the flow of drugs and illegal immigrants across U.S. borders the day he takes office on Jan. 20. 2025.
Trump said he had a “very productive meeting” with Canada’s Prime Minister, Justin Trudeau on Saturday during which they appeared to discuss the coming tariffs.
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“We discussed many important topics that will require both Countries to work together to address, like the Fentanyl and Drug Crisis that has decimated so many lives as a result of Illegal Immigration, Fair Trade Deals that do not jeopardize American Workers, and the massive Trade Deficit the U.S. has with Canada,” he said in a post to Truth Social.
“I made it very clear that the United States will no longer sit idly by as our Citizens become victims to the scourge of this Drug Epidemic, caused mainly by the Drug Cartels, and Fentanyl pouring in from China. Too much death and hardship! Prime Minister Trudeau has made a commitment to work with us to end this terrible devastation of U.S. Families. We also spoke about many other important topics like Energy, Trade, and the Arctic. All are vital issues that I will be addressing on my first days back in Office, and before,” he continued.