Trump’s big warning to BRICS; threatens 100% tariff if dollar is undermined

Is BRICS in trouble? Trump drops 100% tariff bombshell A potential new wave of global trade tensions looms as US President-elect Donald Trump has threatened to impose a 100% tariff on BRICS countries, including India, if they attempt to undercut the US dollar in international transactions. The threat comes in the wake of a BRICS […] The post Trump’s big warning to BRICS; threatens 100% tariff if dollar is undermined appeared first on PGurus.

Dec 1, 2024 - 05:49
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Trump’s big warning to BRICS; threatens 100% tariff if dollar is undermined
Trump's remarks come after the BRICS nations—Brazil, Russia, India, China, South Africa, and recently expanded to include Egypt, Iran, and the UAE—held a summit in Russia's Kazan in October

Is BRICS in trouble? Trump drops 100% tariff bombshell

A potential new wave of global trade tensions looms as US President-elect Donald Trump has threatened to impose a 100% tariff on BRICS countries, including India, if they attempt to undercut the US dollar in international transactions.

The threat comes in the wake of a BRICS Summit in October, where the group discussed increasing non-dollar transactions and strengthening local currencies.

In a pointed online post this morning, Trump made clear his stance, vowing not to “stand by and watch” the BRICS countries move away from the US dollar.

Trump posted, “The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. 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 US Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful US Economy. They can go find another “sucker!” There is no chance that the BRICS will replace the US Dollar in International Trade, and any Country that tries should wave goodbye to America.”

Trump’s remarks come after the BRICS nations—Brazil, Russia, India, China, South Africa, and recently expanded to include Egypt, Iran, and the UAE—held a summit in Russia’s Kazan in October.

During the summit, the countries discussed measures to boost non-dollar transactions and strengthen local currencies for cross-border payments as part of their Cross-Border Payments Initiative.

Despite these discussions, Russian President Vladimir Putin cautioned at the summit’s conclusion that no viable alternatives had yet been developed to challenge the SWIFT global financial messaging system, based in Belgium, which currently plays a central role in international transactions.

India, one of the key players in the BRICS group, has expressed reservations about de-dollarization.

In October, Indian Foreign Minister S Jaishankar stated that moving away from the dollar was not part of India’s economic, political, or strategic policies.

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The post Trump’s big warning to BRICS; threatens 100% tariff if dollar is undermined appeared first on PGurus.

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