Official announcements or trade policy updates from the U.S. government

Trump Threatens BRICS with Tariffs, Promotes Bitcoin Amid Dollar Replacement Plans

Dec 7, 2024, 06:30 PM

Former President Donald Trump has issued threats against the BRICS countries, warning of severe economic repercussions should they attempt to replace the U.S. dollar with another currency in international trade. This comes amidst discussions within BRICS nations about reducing their reliance on the dollar. Trump's stance includes the possibility of imposing massive tariffs and promoting the use of cryptocurrencies like Bitcoin, potentially undermining the gold reserves held by BRICS countries. Michael Saylor, a prominent Bitcoin advocate, has suggested that the U.S. could adopt Bitcoin and sell off its gold reserves, a move that could devalue gold and impact the economies of BRICS nations. Trump's threats are seen as an escalation of ongoing tensions regarding the global financial system's structure.