Donald Trump Warns BRICS: ‘100% Tariffs Coming If You Undermine the US Dollar
The nine-member BRICS group, which consists of China, India, Russia, and Brazil, has been urged to pledge to the US currency by President-elect Donald Trump, who on Saturday, November 30, warned them against doing so. The only significant international organization of which the United States is not a member is BRICS, which was founded in 2009. South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates are among its other members. Some of its members—China and Russia in particular—have been looking for a substitute for the US dollar or developing their own BRICS currency in recent years. India has not yet participated in the initiative.
Trump cautioned the BRICS countries about such a move on Saturday. In a post on his platform, Truth Social, the president-elect declared, “It is OVER that the BRICS Countries are attempting to abandon the dollar while we watch and listen.” “We need these countries to promise that they will not develop a new BRICS currency or support any other currency to replace the powerful U.S. dollar, or else they will be subject to 100% tariffs and should expect to bid farewell to selling into the fantastic U.S. economy,” Trump said.
Go find another’sucker,’ they can! “Any country that tries should bid America farewell, as there is no possibility that the BRICS will ever replace the US dollar in international trade,” he stated. The BRICS nations agreed to investigate the viability of a new unified currency at the 2023 summit in South Africa. Luiz Inacio Lula de Silva, the president of Brazil, presented a suggestion in this respect. India, a key BRICS member, has stated that it opposes dedollarization.
“…ask you about the possibility of de-dollarization for the world.” India has occasionally shown interest in alternative currencies. It may be used as a contingency plan. I would like to know how you currently perceive the dollar’s function and these national policy discussions. S. Jaishankar, India’s External Affairs Minister, stated when he visited the Carnegie Endowment for International Peace this autumn.
Since we have never deliberately targeted the dollar, I believe you are mistaking us with someone else. That is not a component of our political, economic, or strategic policies. Others might have,” Jaishankar remarked. “What I’m going to tell you is a normal worry there. Our trading partners frequently lack the necessary funds. We must now consider whether we should stop doing business with them or whether there is another way to reach an agreement. Therefore, I can argue that there is no evil purpose in relation to the dollar in commerce. “We’re attempting to conduct our business,” he stated.
“You might be challenging at times when using dollars. Your policies make it harder for us to trade in dollars with certain of our trading partners. It goes without saying that we must find workarounds. On October 1st of this year, the External Affairs Minister stated, “But for us, as we spoke about rebalancing, we spoke about multiple obviously all of this will also reflect on currencies and economic needs.”
Comments are closed, but trackbacks and pingbacks are open.