Donald Trump announced Saturday he would impose a 100% tariff on BRICS nations if they try to replace the dollar in international trade, impacting a group of major developing economies whose members include Russia, India, China and Iran, among others, marking the latest threats by the president-elect to impose tariffs on imports from several countries.
Key Facts
In a post on Truth Social, Trump said the 100% tariff would affect all BRICS countries—Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates—until they commit to not creating a new BRICS currency or back another currency that could replace the “mighty” dollar.
Brazilian President Inacio Luiz called on BRICS nations to develop an alternative to the dollar in foreign trade last year, arguing countries that don’t use the dollar should not be forced to use the currency, while suggesting a new BRICS-supported currency “increases our payment options and reduces our vulnerabilities.”
There is “no chance” BRICS could replace the dollar in international trade, and any country that tries to do so should “wave goodbye to America,” Trump said.
This is a developing story.
