Donald Trump once again threatened the BRICS countries

Washington, DC: US President Donald Trump has threatened to impose tariffs on the BRICS countries once again if they attempt to use a currency other than the US dollar. Trump posted the following on Truth Social:

“The notion that the BRICS nations are attempting to abandon the dollar while we look on is OVER. We will demand that these ostensibly antagonistic nations promise not to develop a new BRICS currency or support any other currency to displace the powerful US dollar. If they do, they will be subject to 100% tariffs and will likely have to bid farewell to selling into the fantastic US economy. Go find another gullible country.

The US dollar will never be replaced by BRICS in international trade or anyplace else, and any government that attempts to do so should bid America farewell and welcome tariffs.
With a warning that BRICS nations must pledge to uphold the US dollar’s place in international commerce or risk economic repercussions, the statement reaffirmed Trump’s stance on dedollarization. He made it clear in his article that any move to replace the dollar with a new BRICS currency or to support an alternative will be met with full trade sanctions on those countries.

Trump’s comments indicate a strong opposition to changes in the banking system that would threaten the US economy’s hegemony in global commerce.

At a signing ceremony at the Oval Office, Trump had already reaffirmed his stance and issued a clear warning to the BRICS nations not to abandon the dollar. Speaking about it, he stated:

“As a BRICS nation… they’ll have a 100 percent tariff if they so much as even think about doing what they thought, and therefore they’ll give it up immediately.”

Citing a quote from former President Joe Biden, he also denied that the United States was in a precarious situation. Trump maintained that the US had sway over the BRICS nations, saying:

“It poses no hazard at all. Biden said, “They have us over a barrel since I made that statement.” “No, we have them over a barrel,” I said. And they will never be able to do it.”

Prior to taking office as the 47th President of the United States, Trump had issued similar threats, claiming that if the BRICS countries introduced a new currency, they would be subject to 100% import duties. His most recent statements reaffirm his administration’s dedication to preserving the US dollar’s hegemony in international commerce.

The BRICS countries have been making a concerted effort to lessen their reliance on dollars. Russian President Vladimir Putin advocated for de-dollarization at the 15th BRICS Summit plenary session in 2023, saying that “BRICS countries must expand settlements in national currencies and enhance cooperation between banks.” At their meeting in Nizhny Novgorod, Russia, in June 2024, the foreign ministers of the BRICS nations promoted the “enhanced use of local currencies in bilateral and multilateral trades and financial transactions between the member countries.”