Donald Trump threatened to levy 100% tariffs on members of BRICS, an informal consortium of countries including Russia and China, if the group attempts to shift from the U.S. dollar to an alternative currency.
Any countries that back another currency to replace the U.S. dollar will face increased duties and eventually “say goodbye to selling” in the U.S., the president-elect said in a Nov. 30 post on his social media platform Truth Social.
Founded in 2009, BRICS initially included Brazil, Russia, India and China as members when it was created to counter Western influence in the global economy. Since then, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates have joined its ranks.
Several BRICS member companies have been pushing for the use of local currencies for international trade to circumvent U.S. influence. At the group’s annual summit in 2023, Brazil President Luiz Inácio Lula da Silva urged fellow BRICS countries to establish a common currency, according to a Reuters report.
Trump’s tariff promises come just days after he vowed to to levy a 25% tariff on imports from Canada and Mexico on his first day in office. Such action would fall in line with his campaign rhetoric as well as tactics employed during his first term from 2017 to 2021.
