New Delhi: In a stern message to BRICS nations Brazil, Russia, India, China and South Africa, President-elect Donald Trump has said that any move to sideline the US dollar in global trade will come at a heavy price. “The idea that the BRICS countries are trying to move away from the dollar and we stand by and watch is over,” Trump said on his Truth social platform.
“We need a commitment from these countries that they will neither create a new BRICS currency, nor support any other currency in place of the mighty US dollar, otherwise they will face 100% tariffs and they will have to say goodbye to selling in the great US economy,” he warned. The post is being seen as a clear message by Trump that any plan to create an alternative currency or risk severe economic retaliation.
The ultimatum comes at a time when Trump is set to return to the White House in January, reviving the debate over his tough trade policies. Throughout his campaign, Trump consistently pledged to protect the dollar’s status as the world’s reserve currency and threatened to impose heavy tariffs on countries that try to move away from its use. His recent statements underscore a revived commitment to economic nationalism, indicating a key priority for his upcoming administration.
In an interview in March, Trump stressed the importance of protecting the dollar, saying, “I will not allow countries to move away from the dollar because that would be a blow to our country.” He reiterated, “There is no chance that the BRICS will replace the US dollar in international trade, and any country that tries to do that should say goodbye to the United States.”