(AP) WEST PALM BEACH, FL Donald Trump, the president-elect, threatened a group of nine countries with 100% tariffs on Saturday if they did anything to weaken the US dollar.
The nations in the so-called BRIC alliance—Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates—were the targets of his warning.
In addition to a number of additional nations expressing interest in joining, Turkey, Azerbaijan, and Malaysia have submitted applications to join.
Members of the alliance and other developing countries say they are tired of America controlling the global financial system, despite the fact that the U.S. dollar is by far the most widely used currency in international trade and has withstood challenges to its dominance.
In a post on Truth Social, Trump stated: We need these nations to pledge that they will not develop a new BRICS currency or support any other currency to replace the powerful U.S. dollar. If they do, they will be subject to 100% tariffs and should prepare to bid farewell to investing in the amazing U.S. economy.
Russian President Vladimir Putin called the U.S. a “huge mistake” and accused it of weaponizing the currency during a BRIC conference in October.
At the time, Putin stated, “It’s not us who refuse to use the dollar.” What can we do, though, if they won’t let us work? We have no choice except to look for alternatives.
In particular, Russia has advocated for the development of a new payment system that would provide a substitute for SWIFT, the international bank messaging network, and enable Moscow to trade with allies while evading Western sanctions.
According to Trump, there is no possibility that the BRIC nations will ever overtake the US currency in international trade, and any nation that attempts to do so should bid America farewell.
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