Official announcements from the US government or major financial news outlets

Trump Warns BRICS and Allies of 100% Tariffs, Restricted Access Over Plans to Replace US Dollar

Nov 30, 2024, 10:14 PM

President-elect Donald Trump has issued a stern warning on his Truth Social platform to BRICS nations—Brazil, Russia, India, China, and South Africa—and their allies, including Iran, Egypt, Ethiopia, and the United Arab Emirates. He declared that these countries will face 100% tariffs and restricted access to the US market if they attempt to create a new currency or support any currency aiming to replace the US dollar in international trade. Trump stated, 'We require commitment from these countries that they will neither create a new BRICS currency nor back any other currency to replace the mighty US dollar.' He added, 'They can go find another “sucker.” There is no chance that BRICS will replace the US dollar in international trade, and any country that tries should wave goodbye to America.' The president-elect emphasized his determination to protect the US dollar's status as the primary global reserve currency and warned that the US would not 'stand by and watch' as BRICS tries to 'move away from the dollar.'