'Replace dollar, face 100% tariffs': Trump threatens BRICS nations again
What's the story
United States President Donald Trump has sent a strong warning to the BRICS nations again, threatening to slap a 100% tariff on their exports if they try to replace the US dollar as the dominant currency in international trade.
In a post on his social media platform, Truth Social, Trump wrote, "The idea that the BRICS Countries are trying to move away from the Dollar...is OVER."
BRICS nations include Brazil, Russia, India, China, and South Africa.
Post
'No chance BRICS will replace the US Dollar'
"We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar or, they will face 100% Tariffs," he wrote on Truth Social.
"They can go find another sucker Nation. There is no chance..BRICS will replace the US Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!"
Group growth
BRICS expansion and exploration of dollar alternatives
In recent times, the BRICS bloc has expanded to include Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates. These countries have been seeking alternatives to lessen dependence on the US dollar for years.
At the 15th BRICS Summit in 2023, Russian President Vladimir Putin had called for de-dollarization and urged settlements in national currencies.
However, despite these attempts, a study by the Atlantic Council's GeoEconomics Center found global dependence on the US dollar remains strong.
Trade interests
India's stance on de-dollarization and proposed BRICS currency
India's External Affairs Minister S Jaishankar recently clarified India doesn't support moving away from the US dollar but seeks "workarounds" for its trade interests.
Trump's threats are also a part of his larger strategy to keep this dominance.
He has used tariffs as a leverage against other countries, including Mexico and Canada.
During his campaign, Trump called India a "very big abuser" of trade policies and vowed to use tariffs on global imports into the US.