President Donald Trump is now warning the so-called BRICS countries that if they try to marginalize the U.S. currency in international trade, a full-scale trade war will break out.
The Trump threatened to impose 100% tariffs and essentially cut off any nation supporting an alternative currency from U.S. markets in a scathing Truth Social post on Thursday night.
Trump dismissed the prospect of a global move away from the dollar and made it clear that there would be no room for negotiation.
“The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER. 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 U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy. They can go find another sucker Nation. There is no chance that BRICS will replace the U.S. Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!” Trump wrote on his Truth Social platform.
De-dollarization has being pushed more and more by the BRICS bloc, which is made up of Brazil, Russia, India, China, and South Africa as well as more recent additions like Iran, Egypt, Ethiopia, and the United Arab Emirates.
In particular, Russian President Vladimir Putin has advocated for increased use of national currencies in member-nation commerce.
In response, Kremlin spokesperson Dmitry Peskov stated on Friday that BRICS is concentrating on creating collaborative investment platforms rather than creating its own currency.
He went on to say that the president ought to receive a more thorough briefing on the real projects of BRICS from specialists in the Trump administration.
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