United States President-elect, Donald Trump has threatened to impose 100% tariffs on the bloc of countries known as BRICS countries if they try to replace or move away from the U.S. dollar.
The bloc is made up of Brazil, Russia, India, China, South
Africa, Egypt, Ethiopia, Iran and the United Arab Emirates.
Trump unleashed the stringent warning in a post on Truth
social media on Saturday afternoon.
“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 Truth
Social on Saturday afternoon.”
He continued, “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.”
“They can go find another “sucker!” 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 wrote.
Politico reports that the group of countries began to
increasingly discuss relying less on the dollar after the U.S. imposed severe
sanctions on Russia over its 2022 invasion of Ukraine.
The report claimed that replacing the United States dollar
has been a goal of the BRICS countries for years. However, it has been
previously thwarted by infighting among the various countries.
The U.S. dollar is the most frequently used currency in the
global economy.
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