US President Donald Trump has promised to impose 100% tariffs on the BRICS nations if they decide to create their own currency to replace the US dollar.
“The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER. We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful US Economy. They can go find another sucker Nation,” Trump wrote on Truth Social.
Trump added that “there is no chance that BRICS will replace the US Dollar in International Trade, or anywhere else”.
“And any Country that tries should say hello to Tariffs, and goodbye to America!” the US president concluded.
The BRICS group, established in 2009, brings together the world’s largest developing nations by area and population. Originally composed of Brazil, Russia, India, and China, it later expanded to include South Africa, Iran, Egypt, Ethiopia, the United Arab Emirates and Indonesia.
Russia, currently under US and EU sanctions, is actively advocating for the creation of a new currency for mutual settlements within the BRICS group. The aim is to reduce its reliance on the US dollar and circumvent the restrictions imposed by the international financial system.
Despite Russia’s push, there is no consensus among BRICS members on the issue. China, although supportive of strengthening the role of alternative currencies, remains cautious about the idea of a shared currency. Meanwhile, India prioritises its domestic economic interests and is reluctant to jeopardise its trade relations with the United States.
In December 2024, Trump threatened to impose duties on the BRICS countries, saying “they will face 100% tariffs”.
During the election campaign, Trump also vowed to impose 60% tariffs on Chinese goods, as well as 25% tariffs on all goods from Canada and Mexico.
