Trump said that if BRICS replace the dollar, they will face 100% tariffs.
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US President Donald Trump on Thursday threatened developing countries in the BRICS group with 100% tariffs if they abandon the US dollar as a means of international payment. "The idea that the BRICS countries are trying to get away from the dollar while we sit back and do nothing is over," Donald Trump said on his social media platform, Truth Social. "We will assume that these seemingly hostile countries will commit to not creating a new BRICS currency or supporting another currency to replace the mighty US dollar. "Otherwise, they will face 100% tariffs and can expect to kiss the great American economy goodbye," Trump continued. The acronym BRICS is derived from the initial letters of the founding member countries, Brazil, Russia, India, China and South Africa. In early 2024, Iran, Ethiopia, Egypt and the United Arab Emirates joined the BRICS, while Indonesia joined in early January. Related News Trump reiterates BRICS tariff threat Trump insists Egypt and Jordan will welcome Gazans Gold price hits new record The group aims to serve as a counterweight to the Group of Seven (G7) of major Western economic powers. Russian President Vladimir Putin has repeatedly criticized the dominance of the US currency and announced his intention to create an independent payment and clearing system within the alliance. The US dollar is by far the most important in global payment transactions. By introducing another non-Western currency, Moscow hopes to be less affected by sanctions imposed on Russia by the West over its war in Ukraine. Tariffs are a type of surcharge on imported goods. They are paid when the goods enter the country. Trump imposed a series of tariffs on imported goods during his first term, from 2017 to 2021. Economists assume that the sweeping tariffs will lead to higher prices in the United States. (NAN)
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