Incoming US President Donald Trump has threatened to slap countries under the BRIC bloc with 100 per cent trade tariffs if they try to replace the US Dollar as their trading currency. Trump made the declaration on social media on Saturday in what has become the latest in a series of policy threats that he has been issuing through his social media accounts.
“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. 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 US Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful US Economy,” said Trump who is expected to assume the office of President of the United States on January 20, 2025.
“They can go find another “sucker!” There is no chance that the BRICS will replace the US Dollar in International Trade, and any Country that tries should wave goodbye to America.”
The BRICS bloc is an intergovernmental organization that is made up of nine countries with significant global trading power. These countries include China, India, Brazil, Russia, and the United Arab Emirates. Other countries in the bloc include South Africa, Egypt, Ethiopia and Iran.
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With Saudi Arabia already invited to join the bloc, the BRICS countries comprising of UAE, Iran and Saudi would control 44 per cent of the world’s crude oil.
The bloc countries have previously lamented that Western countries including the US control global financial bodies such as the World Bank and the International Monetary Fund (IMF). The countries have also pitched for the establishment of their own common currency over what they see as the weaponization of the dollar against countries that the US does not agree with.
