Kehinde Fajobi
President-elect Donald Trump has vowed to impose a 100% tariff on BRICS nations if they undermine the US dollar by creating an alternative currency or promoting non-dollar transactions.
In a statement posted on X (formerly Twitter), Trump said, “We require a commitment… 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 percent Tariffs.”
His warning follows the recent BRICS summit held in October in Kazan, Russia, where member countries discussed bolstering local currencies and reducing reliance on the dollar.
The BRICS coalition, which includes Brazil, Russia, India, China, South Africa, and newly added members like Iran, Egypt, and the UAE, accounts for a significant portion of global economic output.
At the summit, the group endorsed strengthening local currency transactions and correspondent banking networks.
However, Russian President Vladimir Putin stated that no alternatives to the SWIFT financial system or a unified BRICS currency were being developed.
“As for SWIFT and any alternatives, we have not created and are not creating any alternatives,” Putin said after the summit. “As for a unified BRICS currency, we are not considering that question at the moment.”
Trump, known for his protectionist stance, reiterated his warning to BRICS nations, saying they “should expect to say goodbye to selling into the wonderful US Economy.”
“They can go find another ‘sucker!’” he wrote. “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.”