World
‘Find Another Sucker’: Trump Warns BRICS Nations Of 100 Per Cent Tariffs Over Attempts To Undermine The US Dollar
US President-elect Donald Trump
In a move that could start a global tariff war, United States President-elect Donald Trump on Saturday (30 November) threatened 100 per cent tariffs against BRICS countries, including India, if they act to undermine the US dollar.
BRICS grouping consists of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates.
Turkey, Azerbaijan and Malaysia have applied to become members and several other countries have expressed interest in joining the group.
Trump in a statement on social media said that he is not going stand and watch the BRICS move away from the dollar.
"The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. 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 US Economy," said the Republican leader, who won a decisive victory in the US presidential elections held last month.
Despite the US dollar’s established role as the leading currency in global trade, members of the BRICS, alongside other developing nations, have expressed frustration with what they view as American dominance in the global financial system.
The BRICS countries discussed boosting non-dollar transactions and strengthening local currencies at a summit held in Russia's Kazan in October.
"It's not us who refuse to use the dollar," Putin said at the time.
"But if they don't let us work, what can we do? We are forced to search for alternatives," he added.
Russia has advocated for a new payment system as an alternative to the SWIFT network, aiming to bypass Western sanctions and facilitate trade with its partners.
The US President-elect suggested that the BRICS countries can go find another "sucker", but the group won't be able to replace the dollar in international trade with another currency.
"They can go find another "sucker!" 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," said Trump.
