United States President-elect, Donald Trump, has vowed to impose 100% tariffs on BRICS international locations that search to exchange the U.S. greenback in worldwide commerce.
He disclosed this in an announcement posted on his official Fb web page on Sunday.
Trump, who’s famend for his “America First” coverage, maintained that the U.S. won’t watch idly as BRICS international locations take such a stance towards his nation.
Ignoring the U.S. Greenback is Over – Trump
Based on Trump, the concept that the BRICS international locations try to maneuver away from the greenback whereas the US stands by and watches is “over.”
- Trump urged governments of nations contemplating this transfer to rethink, vowing a number of bilateral sanctions if they don’t reverse their choice.
- Particularly, he threatened to impose 100% tariffs on such international locations, along with blocking U.S. commerce with them.
He acknowledged:
“We require a dedication from these international locations that they’ll neither create a brand new BRICS foreign money nor again every other foreign money to exchange the mighty U.S. greenback. If they don’t comply, they’ll face 100% tariffs and will count on to say goodbye to promoting into the fantastic U.S. economic system.
“They will go discover one other ‘sucker!’ There isn’t a probability that the BRICS will substitute the U.S. greenback in worldwide commerce, and any nation that tries ought to wave goodbye to America.”
What You Ought to Know
BRICS was established in 2009 to problem what some governments, together with Russia and China, have described as U.S. world dominance.
As of 2023, Russia’s International Minister, Sergey Lavrov, urged the worldwide neighborhood to crush the alleged “hegemony” led by the US by way of a sustained discount in using the U.S. greenback for commerce and bilateral transactions.
- The U.S. greenback reportedly led the world’s official overseas trade reserves by foreign money within the first quarter of 2023.
- As of 2023, the BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, together with six different international locations — together with Iran, Saudi Arabia, the UAE, Egypt, Argentina, and Ethiopia — has pushed the agenda to de-dollarize their respective economies.
Final month, Nigeria formally joined BRICS as a associate nation, alongside 12 different nations, additional strengthening its financial ties with the intergovernmental bloc.
This announcement was made on the ongoing BRICS summit in Kazan, Russia, held from October 22 to 24, 2024.
- Nigeria’s inclusion got here on the heels of a big surge in overseas capital inflows from BRICS nations, which rose by 189% within the first half of 2024, reaching $1.27 billion, in comparison with $438.72 million throughout the identical interval in 2023.
- Trump’s response means that U.S. authorities relations with a number of international locations might turn into extra stringent within the months forward.
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