US President-elect Donald Trump has threatened to impose 100% tariffs on BRICS nations if they create a rival currency to the US dollar.
“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER,” Trump wrote on social media on Saturday. The BRICS alliance includes China, Russia, Brazil, India, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates.
Trump demanded a commitment from these countries that they would not create a new currency to replace the US dollar, warning they would face complete tariffs and lose access to the US market. “They can go find another sucker,” he stated.
During the US election, Trump campaigned on implementing widespread tariffs. Leading politicians in Brazil and Russia have discussed creating a BRICS currency to reduce the US dollar’s global trade dominance, though internal disagreements have slowed progress.
Some Trump allies suggest his announcements are negotiation tactics. Republican Senator Ted Cruz highlighted the “importance of leverage,” noting how tariff threats have previously produced action.
Trump’s pick for Treasury Secretary, Scott Bessent, previously characterized Trump’s tariff threats as a “escalate to de-escalate” strategy, suggesting he is ultimately a free trader.
Economists widely dispute Trump’s claim that tariffs are not a cost to US consumers. Previous economic studies indicate that import taxes are typically absorbed by domestic US firms and ultimately passed on to consumers.
Trump imposed numerous tariffs during his first term, many of which remain in place under President Joe Biden’s administration.
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