- Trump threatens 100% tariffs to prevent BRICS nations from replacing the U.S. dollar as a global reserve currency.
- Rising frustrations over U.S. financial dominance set the stage for global trade tensions.
Amid heated discussions on Trump’s stance on BRICS currency plans, tensions are rising globally. A CNF post revealed that Trump has warned BRICS nations against creating a new currency, threatening 100% tariffs and restricted market access. BRICS nations, including Russia, China, and India, have been cautioned by former President Donald Trump about pursuing efforts to replace the U.S. dollar.
As shared on his personal X account, Trump demanded that the nine-member group commit to abandoning their plans for a new BRICS currency or alternative reserve currency. Failure to comply, he stated, would result in 100% tariffs and exclusion from the U.S. market.
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…
— Donald J. Trump (@realDonaldTrump) November 30, 2024
Rising Push for Dollar Alternatives
Led by Russia and China, some BRICS members have pushed for alternatives to the U.S. dollar, citing concerns over American economic policies. Russian President Vladimir Putin criticized the U.S. for “weaponizing” the dollar, claiming restrictive measures forced Russia to explore other options.
India, however, has refrained from fully supporting these efforts. Trump has made it clear that he will not tolerate such moves, vowing to implement strict economic penalties to safeguard the dollar’s supremacy.
Trump’s Strategy to Protect Dollar Dominance
Trump’s strategy includes leveraging export controls, trade tariffs, and penalties for nations engaging in bilateral trade without the dollar. He emphasizes that the U.S. dollar’s global role is vital to America’s economic strength.
Meanwhile, BRICS members and other developing countries have expressed frustration over the outsized influence of the U.S. financial system, setting the stage for intensified economic clashes. For example, Bitcoin (BTC) is currently trading at $96,251.06, with a slight decrease of 0.03% in the past day and 1.74% in the past week.
