A statement by US President-elect Donald Trump sounded like a warning and a threat to BRICS countries, as he said he would impose 100% tariffs on countries looking to use another FX currency to replace the US dollar in international trade.
Trump said, “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. If they do not comply, 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 vows to cut off bilateral trade agreements and impose sanctions should any country replace the US dollar in international trade.
The BRICS, which consists of Brazil, Russia, India, China, and South Africa, along with six other countries—including Iran, Saudi Arabia, the UAE, Egypt, Argentina, and Ethiopia—have been pushing the agenda to de-dollarize their respective economies.
In October 2024, Nigeria joined the BRICS as a partner country in a bid to strengthen international trade ties with the BRICS countries.
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