President-elect Trump arrives at an election night watch party at the Palm Beach Convention Center on Nov. 6, 2024, in West Palm Beach, Fla.
THE HILL | Published December 1, 2029
President-elect Trump warned nations to forego efforts to adopt a new currency on Saturday by threatening to impose a 100 percent tariff on countries that try to undervalue the U.S. dollar.
“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 U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America.”
The nine-member organization known as BRICS initiated discussions surrounding the creation of their own currency system at their October summit in Kazan, Russia, where 13 new partner nations were welcomed.
The leaders of Brazil, Russia, India, China and South Africa, all original members, spoke openly about plans to create the “Unit,” a currency upheld by member nations and gold reserves.
China’s President Xi Jinping said the BRICS group is “a vanguard for advancing global governance reform” and “reform of the international financial architecture,” according to the Global Economic Report outlet.
Bolivia’s President Luis Arce argued that “the shield of BRICS and multipolarity” would protect the new member nation from “Western unipolarity and the tyranny of the dollar,” as reported in the article.
Many of the conjoined nations are looking to break away from the U.S. dollar which dominates currency and oil trading, as noted by the International Monetary Fund.
However, Trump has aggressively affirmed that the fold would not take place during his administration. The former president has promised to slap Canada, Mexico and China with high tariffs with the goal of using financial leverage for economic and political stability.
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SOURCE: www.thehill.com
RELATED: Trump threatens 100% tariff on BRICS countries if they pursue creating new currency
CNN NEWS| Published December 1, 2029
President-elect Donald Trump said he would require countries that are part of BRICS — a China- and Russia-backed group of emerging economies — to commit to not creating new currency or face 100% tariffs during his administration.
“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 posted on Truth Social on Saturday afternoon.
BRICS had been made up of Brazil, Russia, India, China and South Africa since 2011. Earlier this year, Iran, Saudi Arabia, the United Arab Emirates, Ethiopia and Egypt formally joined — the first expansion in over a decade. Thirty-four countries have submitted an expression of interest in joining the bloc of major emerging economies, South African Foreign Minister Naledi Pandor said in February.
The leader of one member country, Brazil’s Luiz Inácio Lula da Silva, in 2023 proposed creating a common currency in South America to reduce reliance on the US dollar.
Using BRICS currencies and banking networks outside the US dollar-denominated system could allow member countries such as Russia, China and Iran to circumnavigate Western sanctions. But the chances of a new currency are probably slim due to the alliance’s economic and geopolitical differences.
The expanding group is valuable to China as it looks to forge closer partnerships with key players to challenge the United States’ global leadership. And it’s also a boon to Russia, which has been shunned economically and diplomatically by the West following its 2022 invasion of Ukraine. This year, Russia assumed rotating chairmanship of the group.
During a BRICS summit in October, Russian President Vladimir Putin and Chinese leader Xi Jinping sought to project the message that the West stands isolated in the world, while a “global majority” of countries support their bid to challenge American global leadership.
Trump’s latest economic threat comes days after he pledged massive hikes in tariffs on goods coming from Mexico, Canada and China starting on the first day of his administration. The move, Trump said, will be in retaliation for illegal immigration and “crime and drugs” coming across the border.
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SOURCE: www.cnn.com
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