Trump Threatens 100% Tariffs on BRICS Over Dollar Rival Currency, Highlights BRICS Gold Strategy

Dec 6, 2024, 03:37 PM

President-elect Donald Trump has issued a warning to member countries of the BRICS economic bloc, threatening to impose 100 percent tariffs on their products if they proceed with plans to develop an alternative currency to the U.S. dollar. The BRICS nations, which include Brazil, Russia, India, China, and South Africa, have proposed creating a common currency to reduce their reliance on the U.S. dollar, which is currently used in nearly 80 percent of global trade. Trump's remarks have been interpreted by some analysts, such as economist Jim Rickards, as a strategic warning to deter the bloc's efforts. The BRICS initiative reflects a broader push to challenge the dominance of the dollar in international commerce. Meanwhile, BRICS countries have been increasing their gold reserves as part of their economic strategy.