WEST PALM BEACH, Fla. – President-elect Donald Trump threatened to impose 100% tariffs on a group of nine countries if they attempt to weaken the U.S. dollar.
His warning was specifically aimed at the countries belonging to the BRIC alliance, which includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates.
Turkey, Azerbaijan and Malaysia have applied to become members and several other countries have expressed interest in joining.
Although the U.S. dollar remains the predominant currency used in global trade and has withstood previous attempts to challenge its supremacy, members of the alliance and other emerging nations express dissatisfaction with the United States’ control over the international financial structure.
Trump, in a Truth Social post, said: “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 U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy.”
At a summit of BRIC nations in October, Russian President Vladimir Putin accused the U.S. of “weaponizing” the dollar and described it as a “big mistake.”
“It’s not us who refuse to use the dollar,” Putin said at the time. “But if they don’t let us work, what can we do? We are forced to search for alternatives.”
Russia has specifically pushed for the creation of a new payment system that would offer an alternative to the global bank messaging network, SWIFT, and allow Moscow to dodge Western sanctions and trade with partners.
Trump said there is “no chance” BRIC will replace the U.S. dollar in global trade and any country that tries to make that happen “should wave goodbye to America.”
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