Former U.S. President Donald Trump has issued a stern warning to the BRICS group of emerging economies, threatening 100% tariffs on their exports if they move away from the U.S. dollar as an international means of payment.
In a statement on his social media platform, Trump asserted that the U.S. would not stand by while BRICS nations attempt to create an alternative currency.
He demanded a commitment from these countries that they would neither introduce a new BRICS currency nor support any other currency to replace the U.S. dollar. Failure to comply, he warned, would result in severe tariffs and restricted access to the U.S. market.
BRICS, an economic bloc originally formed by Brazil, Russia, India, China, and South Africa, has expanded in recent years. Iran, Ethiopia, Egypt, and the United Arab Emirates joined the group in early 2024, followed by Indonesia in January 2025.
The alliance aims to counterbalance the influence of the Group of Seven (G7), a coalition of leading Western economic powers.
Russian President Vladimir Putin has been a vocal critic of the U.S. dollar’s dominance in global trade and has proposed creating an independent payment and clearing system within BRICS.
Moscow views an alternative currency as a way to mitigate the impact of Western sanctions imposed in response to Russia’s invasion of Ukraine.
(dpa/NAN)
The U.S. dollar remains the world’s primary currency for international transactions. Any move by BRICS to introduce a competing currency could challenge its supremacy in global markets.
Tariffs, a form of surcharge on imported goods, are typically imposed at the point of entry into a country. Trump previously implemented a range of tariffs during his presidency from 2017 to 2021.
Economists warn that extensive tariffs on BRICS nations could lead to higher prices for American consumers.
