US President-elect Donald Trump has threatened to impose 100% tariffs on a bloc of nine nations if they were to create a rival currency to the US dollar.
"The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER," Trump wrote on social media on Saturday.
Major world powers China and Russia are part of the Brics alliance, along with Brazil, India, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates.
During the US election, Trump campaigned on implementing widespread tariffs. He has escalated threats of steep levies in recent days.
This latest message from Trump, who will take office next year on 20 January, was aimed at the Brics, a bloc of mostly emerging economies.
Leading politicians in Brazil and Russia have suggested creating a Brics currency to reduce the US dollar's dominance in global trade. But internal disagreement has slowed any progress.
“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 US dollar or they will face 100% tariffs and should expect to say goodbye to selling into the wonderful US economy,” Trump wrote on his social media platform Truth Social.
"They can go find another sucker," he said.
But some Trump allies have suggested his recent announcements have been negotiation tactics, meant as more of an opening bid than a promise.
Asked about the president-elect's proposed use of tariffs, Republican Senator Ted Cruz responded by noting the "importance of leverage".
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Trump can't handle the idea of the US dollar not being the world's only currency. It's bullying, plain and simple. This is why we need leadership focused on global cooperation, not isolationist threats.
The US has been using the dollar to exert power for decades. What if BRICS creating their own currency is actually a move towards real economic sovereignty? Maybe it's time we question the dollar's monopoly.
Trump is just using leverage to protect American interests. If BRICS wants to play games with the global economy, they should face consequences. Strong tariffs could bring them back to the negotiation table.
This isn't about protecting interests; it's about revenge because he can't stand not being the center of attention. His tariff threats are as effective as his healthcare plan - all talk, no substance.
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I like the idea because the tariffs will make company's move back to the united states because it will be cheaper for them. that will make inflation to go down because we wont have to pay to ship the goods to the U.S.
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