President Trump threatens to impose 100% import tariffs on BRICS member countries if they try to create an alternative currency to the US dollar.
"We will ask these nations to pledge that they will not create a new BRICS currency, nor support any other currency to replace the mighty USD, or they will face 100% Tariffs and should stop exporting to the great American economy," President Donald Trump wrote on the social network Truth Social.
"The idea that the BRICS countries are trying to get away from the dollar has to end. They can go find another weak country. There is no chance that the BRICS will replace the dollar in international trade, or any other country, and any country that tries to do so should be hit with tariffs and say goodbye to America!", the White House boss emphasized.
Previously, Mr. Trump also said that he would impose 100% tariffs on goods from BRICS countries if they created a new currency or abandoned the US dollar.
At the time, Indian Foreign Minister Subrahmanyam Jaishankar stressed that the country “has never advocated de-dollarization.” According to Russian Deputy Foreign Minister and BRICS expert Sergey Ryabkov, the association is ready to explain to Mr. Trump that its goal is not to abandon the dollar, but to learn lessons from Washington’s wrong policies.
The BRICS group was founded in 2006, with the four original countries being Brazil, Russia, India and China. BRICS then welcomed South Africa in 2011. Then, on January 1, 2024, Egypt, Iran, the United Arab Emirates and Ethiopia joined the association.
Saudi Arabia has also received an invitation to join BRICS, but is still considering the proposal.
In 2024, BRICS will be chaired by Russia. The highlight of Russia's presidency was the Kazan Summit on October 22-24, where it was decided to create a list of BRICS partner countries. The first countries to become BRICS partners include Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda and Uzbekistan.