De-dollarisation: Donald Trump threatens BRICS with 100% tariffs

“We’re going to require a dedication from these seemingly hostile International locations that they may neither create a brand new BRICS Forex, nor again some other Forex to switch the mighty US Greenback or, they may face 100 per cent tariffs, and will anticipate to say goodbye to promoting into the fantastic US Financial system,” mentioned NDTV, quoting a put up by the US President.

“They’ll go discover one other sucker Nation. There isn’t a probability that BRICS will substitute the US Greenback in Worldwide Commerce, or wherever else, and any Nation that tries ought to say good day to Tariffs, and goodbye to America,” Trump wrote in his put up on Friday.

For years, the BRICS group of countries have been mulling methods to scale back dependence on the American greenback.

Though the grouping doesn’t have a standard foreign money as of now, its member nations that embrace Brazil, Russia, India, China, and South Africa have been of late selling commerce of their native currencies, the report mentioned.

Considerably, Russia known as for de-dollarisation on the fifteenth BRICS Summit in 2023 and the transfer gained momentum on the June 2024 BRICS overseas ministers’ assembly in Russia, the place member states advocated for utilizing native currencies in bilateral and multilateral commerce, the report mentioned.

Regardless of de-dollarisation bids and America’s push in opposition to it, the very fact stays that the US greenback stays the world’s dominant reserve foreign money and President Trump intends to make sure that, even when it means arm-twisting nations through the use of the specter of crippling tariffs.