Trump threatens 100% tariffs on BRICs countries

Donald Trump President of the United States of America

President-elect Donald Trump threatened 100% tariffs against a bloc of nine nations if they acted to undermine the US dollar.

“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," Trump wrote in a Truth Social post.

His threat was directed at countries in the BRICs alliance, which consists of Brazil, Russia, India, China, South Africa, and others.

This statement follows the BRICS summit held last month in Kazan, Russia, where member states discussed promoting transactions in currencies other than the US dollar and strengthening local currencies.

Since its establishment in 2009, the BRICS has expanded to include other countries, like Iran, Egypt, and the UAE.

The alliance represents a significant minority of global economic output.

"As for SWIFT and any alternatives, we have not created and are not creating any alternatives," Russian President Vladimir Putin told reporters at the end of the summit.

However, Trump vowed to pursue a protectionist agenda, threatening hefty tariffs on neighbors and rivals.

If BRICs countries continue with their plans, Trump warned, they "should expect to say goodbye to selling into the wonderful US Economy."