President-elect Donald Trump has warned BRICS group nations that if they attempt to create a new currency to replace the US dollar, they will face a 100% tariff. This statement follows a BRICS summit in Kazan, Russia, where discussions around increasing non-dollar transactions were held.
WASHINGTON - President-elect Donald Trump on Monday threatened to impose a 100% tariff on the BRICS group nations if they undercut the US dollar.
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…The statement comes after a BRICS summit held last month in Kazan, Russia, where the countries discussed boosting non-dollar transactions and strengthening local currencies.
At the Kazan summit in October, Moscow secured a joint declaration encouraging the"strengthening of correspondent banking networks within BRICS and enabling settlements in local currencies in line with BRICS Cross-Border Payments Initiative." "As for SWIFT and any alternatives, we have not created and are not creating any alternatives," Putin told reporters at the end of the summit.Trump has vowed to pursue a protectionist agenda, threatening hefty tariffs on neighbours and rivals.
DONALD TRUMP BRICS US DOLLAR TRADE FOREIGN POLICY
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