US President Donald Trump has Threatened to Impose 100% Tariffs on BRICS Countries if they try to Undermine the US Dollar.
His remarks come after a BRICS meeting in October that discussed promoting non-dollar transactions. The BRICS grouping comprises Brazil, Russia, India, China, South Africa and other countries.
The world could see a second wave of tariff wars after Donald Trump takes office in January. The US President-elect has threatened to impose 100% tariffs on BRICS countries, including India, if they undermine the US dollar for international transactions or replace it with any other currency.
His remarks come after a BRICS meeting in October that discussed promoting non-dollar transactions. The BRICS grouping comprises Brazil, Russia, India, China, South Africa and other countries. Trump said in a scathing online post this morning that he would not stand by and watch BRICS move away from the dollar.
“The notion that the BRICS countries are attempting to move themselves from the dollar while we remain passive observers is no longer acceptable. It is imperative that these countries commit to establishing a new BRICS currency or refraining from supporting any alternative currency to replace the dominant US dollar. Failure to do so will result in 100% tariffs, and they must be prepared to lose their market access to the substantial US economy, said the Republican leader, who recently won a significant victory in the presidential election.
The president-elect suggested that the BRICS countries can find another “fool”, but the group will not be able to replace the dollar with another currency in international trade. “They can find another “fool”! There is no chance that the BRICS will replace the US dollar in international trade, and any country that tries to do so should say goodbye to America,” Donald Trump said.
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