The president of the United States, Donald Trump, warned the BRICS economic bloc of severe tariffs if they proceed with efforts to reduce the dependence of the US dollar in global trade.
“The idea that BRICs countries are trying to get away from the dollar, while we are and observed, has ended,” Trump said on their social media platform, Truth Social.
In addition, he said: “We are going to require a commitment of these seemingly hostile countries that they will not create a new BRICS currency or support any other currency to replace the powerful US dollar. If not, they will face 100 percent tariffs and should expect to say goodbye to selling in the wonderful American economy. “
His comments come when BRICS continues his expansion, and Nigeria recently confirmed as an associated country, according to the Brazilian government.
The block, originally that includes Brazil, Russia, India, China and South Africa, expanded in early 2024 to include Iran, Ethiopia, Egypt and the United Arab Emirates, with Indonesia joining in early January.
BRICs aims to counteract the group led by the west of seven economies (G7), with Russian president Vladimir Putin constantly criticizing the domain of the US dollar. Moscow has pressed for an independent payment and compensation system within the BRIC to mitigate the impact of Western sanctions on its invasion of Ukraine.
Tariffs are taxes placed in imported goods when they enter a country. During his first term of 2017 to 2021, Trump imposed several rates.
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