Trump warns India, other BRICS nations: Commit to US dollar or face '100%' tariff
Trump threatened that BRICS countries "will face 100% Tariffs," and that they should expect to "say goodbye to selling into the wonderful US Economy," Trump wrote. Photograph:( AFP )
Story highlights
Taking to his Truth Social platform on Saturday, Trump declared that the time when the US stood by and watched nations undermine the dollar is "over". "The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER," he said
Taking to his Truth Social platform on Saturday, Trump declared that the time when the US stood by and watched nations undermine the dollar is "over". "The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER," he said
US President-elect Donald Trump on Saturday (Nov 30) issued a stark warning to India and other BRICS nations, threatening them with a 100 per cent tariff if they continue to pursue other currencies to replace the US dollar for trade.
BRICS is a group of emerging economies Brazil, Russia, India, China and South Africa, alongside recent additions like Iran, Egypt, and the UAE.
What did Trump say?
Taking to his Truth Social platform on Saturday, Trump declared that the time when the US stood by and watched nations undermine the dollar is "over".
"The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER."
He demanded a clear commitment from the group to abandon efforts that undermine the dominance of the dollar.
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"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," he wrote.
He threatened that such countries "will face 100% Tariffs," and that they should expect to "say goodbye to selling into the wonderful US Economy," Trump wrote.
"They can go find another 'sucker!'," he announced.
BRICS currency ambitions
Trump's threats come as at the BRICS summit in Kazan, Russia in October, member states explored expanding non-dollar transactions and strengthening local currency use.
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While Russian President Vladimir Putin dismissed speculation about a unified BRICS currency or an alternative to the SWIFT financial messaging system, Moscow secured a joint declaration encouraging the "strengthening of correspondent banking networks within BRICS and enabling settlements in local currencies in line with BRICS Cross-Border Payments Initiative."
"As for a unified BRICS currency, we are not considering that question at the moment," said Putin at the time.
(With inputs from agencies)
