President-elect threatens retaliation if emerging economies create new currency to rival US dollar
Fears of a global trade war have risen after Donald Trump threatened to impose 100% tariffs on countries in the Brics group if they create a new currency to rival the US dollar.
Writing on his social media platform, Truth Social, on Saturday, Trump declared that he would also act if they supported another currency to replace the dollar.
“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,” Trump said.
“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,” he added.
