Trump Threatens 100% Tariffs on China and Russia if BRICS Group of Nations Issues New Currency; Trump Threatens 100% Tariff on Brics Nations if They Try to Replace Dollar

Trump threatens 100% tariffs on China and Russia if BRICS group of nations issues new currency:

US President-elect Donald Trump has threatened to levy 100% tariffs on BRICS — a China- and Russia-led group of nations with emerging economies — if the countries decide to issue their own currency.

Trump said Saturday that his incoming administration will not allow the nine-nation group, which has 34 other countries interested in joining, to undermine 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 Truth Social — referring to the group whose acronym stands for founding members Brazil, Russia, India, China and South Africa.

“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,” he added.

BRICS was founded by the five original countries in 2011. Iran, the United Arab Emirates, Ethiopia and Egypt have since joined, with Saudi Arabia accepting an invitation but yet to officially become a member. More than two other countries have expressed interest in joining the economic alliance, too.

Last year, Brazilian President Luiz Inacio Lula de Silva proposed that BRIC create its own common currency, similar to the European Union’s euro, to reduce its members’ reliance on the US dollar.

Under a united BRICS currency system, member nations such as Russia, China, and Iran could circumvent Western sanctions placed on them over their military aggression. —>READ MORE HERE

Trump threatens 100% tariff on Brics nations if they try to replace dollar:

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”.

“You look at the threat of tariffs against Mexico and Canada, immediately has produced action,” the Texan said on CBS News’ Face the Nation on Sunday. —>READ MORE HERE

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