Former U.S. President Donald Trump has issued a strong warning to Brazil, Russia, India, China, and South Africa (BRICS) over their alleged plans to abandon the U.S. dollar in international trade.
In a statement shared on his Truth Social platform, Trump threatened that if BRICS adopted an alternative currency, the U.S. would impose 100% tariffs on their goods and cut off access to the American market.
Trump wrote:
“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’s comments come amid ongoing speculation that BRICS nations may be exploring ways to reduce their dependence on the U.S. dollar for trade settlements. If the group succeeds in adopting a new currency, it could reshape global economic dynamics and impact the dollar’s dominance in international markets.
However, Trump’s statement underscores the potential economic consequences BRICS nations could face if they move forward with such plans, signalling a contentious trade relationship should the bloc challenge the dollar’s global influence.