United States President, Donald Trump, has warned the BRICS economic bloc of severe tariffs if they proceed with efforts to reduce reliance on the US dollar in global trade.
“The idea that the BRICS countries are trying to move away from the dollar, while we stand by and watch, is over,” Trump declared on his social media platform, Truth Social.
He further stated, “We are going to require a commitment from these seemingly hostile countries that they will neither create a new BRICS currency nor back any other currency to replace the mighty US dollar. If not, they will face 100 per cent tariffs and should expect to say goodbye to selling into the wonderful US economy.”
His remarks come as BRICS continues its expansion, with Nigeria recently confirmed as a partner country, according to Brazil’s government.
The bloc, originally comprising Brazil, Russia, India, China, and South Africa, expanded in early 2024 to include Iran, Ethiopia, Egypt, and the United Arab Emirates, with Indonesia joining at the start of January.
BRICS aims to counterbalance the Western-led Group of Seven (G7) economies, with Russian President Vladimir Putin consistently criticising US dollar dominance. Moscow has pushed for an independent payment and clearing system within BRICS to mitigate the impact of Western sanctions over its invasion of Ukraine.
Tariffs are taxes placed on imported goods when they enter a country. During his first term from 2017 to 2021, Trump imposed several tariffs.
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