Donald Trump
By Thabo Mosia
U.S. President-elect Donald Trump has warned the BRICS nations—Brazil, Russia, India, China, and South Africa—against creating a new currency to challenge the U.S. dollar’s dominance. He stated that any such attempt would result in 100% tariffs on their exports to the United States.
“The idea that the BRICS countries are trying to move away from the dollar while we stand by and watch is OVER,” Trump declared on his social media platform, Truth Social. “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, or they will face 100% tariffs and should expect to say goodbye to selling into the wonderful U.S. economy.”
This statement comes amid growing discussions among BRICS nations about reducing their reliance on the U.S. dollar in international trade. At a recent summit, Russian President Vladimir Putin accused the U.S. of “weaponising” the dollar through sanctions, prompting BRICS to explore alternative currencies.
Trump’s tariff threats are not limited to BRICS. He has also announced plans to impose a 25% tariff on all imports from Mexico and Canada and an additional 10% tariff on Chinese goods, citing concerns over illegal immigration and drug trafficking. These proposals have raised fears of a global trade war, with potential retaliatory measures from affected countries.
Economists warn that such sweeping tariffs could lead to higher prices for U.S. consumers and disrupt global supply chains. However, Trump and his supporters argue that these measures are necessary to protect American industries and maintain the dollar’s status as the world’s primary reserve currency.
The BRICS nations have not yet officially responded to Trump’s ultimatum. However, given their recent moves towards de-dollarisation, it remains to be seen how they will navigate this challenge.
As the global economic landscape shifts, the interplay between U.S. trade policies and the strategies of emerging economies like the BRICS will be crucial in shaping the future of international trade and finance.
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