Trump repeats tariffs threat to dissuade BRICS nations from replacing US dollar

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31-01-2025 | 01:23
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Trump repeats tariffs threat to dissuade BRICS nations from replacing US dollar
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Trump repeats tariffs threat to dissuade BRICS nations from replacing US dollar

President Donald Trump on Thursday warned off BRICS member countries from replacing the U.S. dollar as a reserve currency by repeating a 100%-tariffs threat he had made weeks after winning the November presidential elections.

"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 U.S. Dollar, or they will face 100% Tariffs," Trump said on Truth Social in a statement nearly identical to one he posted on November 30.

At the time, Russia said that any U.S. attempt to compel countries to use the dollar would backfire.

The BRICS grouping includes Brazil, Russia, India, China, South Africa, and others that joined in the past few years. The grouping does not have a common currency, but long-running discussions on the subject have gained some momentum after the West imposed sanctions on Russia over the war in Ukraine.

Reuters

World News

Donald Trump

BRICS

Currency

US Dollar

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