After floating 25% tariffs on Canada, China, and Mexico shortly before Thanksgiving, President-elect Trump is now targeting the BRICS nations.
President-elect Donald Trump on Saturday lashed out at the BRICS group of emerging market countries, threatening to impose 100% tariffs if they try to “move away” from the US dollar.
BRICS comprises nine countries — Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates — which are aiming to flex their economic power in a world where the US dollar continues to reign supreme as the leading global reserve currency.
Amid Russia’s push for BRIC nations to curb the international dominance of the US dollar, Trump took to his Truth Social platform to decry such a move.
“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER”, he wrote. “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.
