Trump Threatens India, Russia, China on BRICS Currency
Donald Trump threatened to impose 100% tariffs on the BRICS nations unless they pledged not to invent a new currency or support one that could replace the dollar in global trade. South Africa, China, India, Russia, and Brazil formed the BRICS.
The US president-elect wrote on his Truth Social network, “We demand a commitment from these countries that they will not create a new BRICS currency or support any other currency to replace the mighty US dollar or they will face 100 percent tariffs and must expect to kiss goodbye to the prospect of selling into the great American economy.”. “More ‘pigeons’ could be sought. BRICS will never replace the dollar in global trade, and any nation that attempts to do so should bid America farewell,” he continued
Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates are now part of the BRICS group. This group of nations seeks to lessen Western dominance in what it perceives to be a “multipolar” world.
This group has been considering not using the dollar, the standard currency for international trade, in the financial sector. These nations have contemplated issuing a single currency. This project, which would entail ceding some of its sovereignty within a collection of highly diverse nations, is still far from being finished.
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