By Spy Uganda
US President-elect Donald Trump said on Saturday that he would impose 100% tariffs on BRICS countries if they did not abandon plans to create an alternative currency to the US dollar.
“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 U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy,” Trump said on Truth Social.
BRICS is an intergovernmental association created in 2006. Russia assumed the rotating presidency of the bloc on January 1, 2024. The year began with the accession of new members to the association.
In addition to Russia, Brazil, India, China and South Africa, it now includes Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia, according to the website of the Russian 2024 BRICS Chairmanship. Saudi Arabia has not reportedly formalized its participation but has been taking part in BRICS meetings.
BRICS countries have stepped up de-dollarization measures in recent years as they aim to use their own currencies to break the dollar’s hegemony in international trade.
