US President Donald Trump Threatens BRIC Alliance
US President Donald Trump threatened to impose 100 percent tariffs on BRICS nations to deter them from switching to the US dollar as their reserve currency.
On his Truth social media platform, he stated, “We are going to require a commitment from these seemingly hostile countries that they will not produce a new BRICS currency, nor support any other currency to replace the mighty US dollar, or they will face 100% Tariffs.”. Any nation that attempts to replace the US dollar in international trade or anywhere else should say hello to tariffs, and goodbye to America!” he continued.
The BRICS alliance comprises Brazil, Russia, India, China, and South Africa. Ethiopia, Iran, Indonesia, Egypt, and the United Arab Emirates have joined in recent years, bringing the group to eleven members. The alliance was established in 2009 to challenge the domination of the US and Western allies.
The alliance is regarded as a counterpart to the G7 group of nations and comprises almost half of the world’s population. The economic bloc’s discussion of a new reserve currency gained traction following Western sanctions against Russia for its war in Ukraine.
The US dollar has become more influential worldwide. It remains the global reserve currency and is heavily relied upon worldwide.
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