President Donald Trump has issued a warning to BRICS nations against replacing the US dollar as a reserve currency, threatening 100% tariffs if they attempt to do so. Trump's warning comes amid growing discussions within BRICS about the possibility of establishing a common currency, spurred by Western sanctions on Russia.
South Africa’s Cyril Ramaphosa, China’s Xi Jinping, India’s Narendra Modi, Russia’s Vladimir Putin and Brazil’s Jair Bolsonaro at the BRICS summit in Brasilia in 2019. — Pic by Reutersas a first-time user . Exclusively for Malay Mail readers: Use codeWASHINGTON, Jan 31 — President Donald Trump yesterday warned off BRICS member countries from replacing the US dollar as a reserve currency by repeating a 100%-tariffs threat he had made weeks after winning the November presidential elections.
“There is no chance that BRICS will replace the US Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!,” he said. Trump wants to use tariffs as a tool to get Mexico and Canada to help stem the flow of illegal drugs into the United States, particularly the deadly opioid fentanyl, and also migrants crossing illegally into the US.
A study by the Atlantic Council’s GeoEconomics Center last year showed that the US dollar remains the world’s primary reserve currency, and neither the euro nor the so-called BRICS countries have been able to reduce global reliance on the dollar.
BRICS US Dollar Tariffs Geopolitics International Trade
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