US President Donald Trump slammed BRICS countries for planning to replace the USD with a new BRICS Currency. Trump, in social media post, said, "They can go find another sucker nation." He threatened to impose a 100% tariff on the BRICS group nations if they undercut the US dollar.
“We require a commitment… 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," Trump wrote on his Truth Social website, referring to the grouping that includes Brazil, Russia, India, China, South Africa and others.
The statements of the new US President come after a BRICS summit held last month in Kazan, Russia, where the group of nations discussed boosting non-dollar transactions and strengthening local currencies. The BRICS group has expanded significantly since its inception in 2009, and now includes countries such as Iran, Egypt and the United Arab Emirates.
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At the end of the summit, Putin indicated that little progress had been made on launching a possible competitor to the Belgium-based SWIFT financial messaging system. Trump has vowed to pursue a protectionist agenda, threatening hefty tariffs on neighbours and rivals, reported news agency AFP.
If BRICS countries continue with their plans, Trump warned, they “should expect to say goodbye to selling into the wonderful US Economy," he wrote.
“They can go find another ‘sucker!’ There is no chance that the BRICS will replace the US Dollar in International Trade, and any Country that tries should wave goodbye to America."