BRIC's is a joke, there is far too many differences between the countries involved and its far too lopsided in China's favor for it ever to emerge as a serious economic block.
Having said that Trump's such a f**king toddler posting on truth social.
"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."
sharkbok
Hall Of Famer18,308 posts
As part of the Make America Great Again program, President-elect Donald Trump has issued a stern warning to the BRICS nations, threatening to impose a 100% tariff on their exports to the United States if they proceed with plans to create or support a currency that could replace the U.S. dollar.
Commitment to the U.S. Dollar
Trump demands that the BRICS nations (Brazil, Russia, India, China, and South Africa, as well as newer members like Iran, Egypt, Ethiopia, and the United Arab Emirates) commit to not creating a new BRICS currency or supporting any alternative currency to the U.S. dollar
Tariff Threat
If the BRICS nations fail to comply, Trump has threatened to impose a 100% tariff on their exports to the United States. This would effectively cut off their access to the U.S. market
Context of De-Dollarization
The threat comes after a recent BRICS summit where member countries discussed enhancing non-dollar transactions and strengthening local currencies. The concept of de-dollarization has gained traction, particularly since the U.S. imposed economic sanctions on Russia in 2022
Economic Implications
Analysts and think tanks, such as the Global Trade Research Initiative (GTRI), have expressed doubts about the feasibility of BRICS establishing its own currency due to internal economic and geopolitical disparities among member nations. Additionally, imposing such high tariffs could harm U.S. consumers by increasing import prices, disrupting global trade, and potentially leading to retaliation from trading partners
Broader Trade Policy
This threat is part of a broader set of tariff announcements by Trump, including plans to impose a 25% tariff on goods from Mexico and Canada, and an additional 10% tariff on Chinese goods, all aimed at addressing issues such as illegal immigration, drug trafficking, and trade imbalances