President-elect Donald Trump has issued a threat to countries that may try to undervalue the US dollar, saying that if they do so, he will levy 100% tariffs against them.
Trump shared his threat in a post to Truth Social, noting that he needs promises other countries won’t attempt to shortchange the US.
“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,” Trump posted on Truth Social.
“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.”
BRICS is an organization with nine countries including, Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates. During the organization’s October summit in Kazan, Russia, the countries discussed creating their own currency system.
The original members of BRICS, Brazil, Russia, India, China, and South Africa, have said they plan to create the “Unit,” a currency upheld by member nations and gold reserves.
Leaders of these countries have spoken openly about the “tyranny of the dollar,” as the US dollar dominates currency and oil trading globally.
China’s President Xi Jinping told the Global Economic Report that the BRICS group is “a vanguard for advancing global governance reform” and “reform of the international financial architecture.”
Still, Trump maintains that a shift from the US dollar will not happen during his administration, as he will use tariffs in response to moves made against the US.