We can’t sit and watch BRICKS nations move away from mighty Dollar – Trump blows hot
The President of America Donald Trump, has on Thursday, threatened the BRICS group of emerging economies with 100 per cent tariffs if they move away from the US dollar as an international means of payment.
According to Trump: “The idea that the BRICS countries are trying to move away from the dollar, while we stand by and watch, is over,” Donald Trump stated on his social media platform, Truth Social.
“We are going to require a commitment from these seemingly hostile countries that they will neither create a new BRICS currency nor back any other currency to replace the mighty US dollar.
Read Also: Four Soldiers Feared Dead, Others Injured in Lagos auto Crash
“If not, they will face 100 per cent tariffs and should expect to say goodbye to selling into the wonderful US economy,” Trump continued.
FCNN gathered that 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 BRICS, while Indonesia joined at the beginning of January.
The group aims to act as a counterweight to the Group of Seven (G7) of leading Western economic powers.
It could be recalled that Russian President Vladimir Putin has repeatedly criticized the dominance of the US currency and announced his intention to establish 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 the sanctions imposed on Russia by the West over its war in Ukraine. Tariffs are a type of surcharge on imported goods.
They are paid as goods enter the country.
Trump imposed a range of tariffs on imported goods during his first term in office from 2017 to 2021. Economists assume that far-reaching tariffs would lead to an increase in prices in the US.
(NAN)
