“Replace the Dollar and Face a 100% Tariff”: Donald Trump Warns BRICS Members, Including India
Donald Trump asserted that the U.S. dollar would remain irreplaceable and warned that any attempt to replace it would result in heavy tariffs.
Image Source: Times of India
On Thursday, former President Donald Trump warned BRICS nations against replacing the U.S. dollar as the global reserve currency, reiterating his earlier threat of imposing 100% tariffs following his election victory in November.
In a Truth Social post, Trump stated, “We will demand a commitment from these seemingly hostile nations that they will neither create a new BRICS currency nor support any alternative to replace the mighty U.S. dollar, or they will face 100% tariffs.”
In December 2024, Russia asserted that any effort to compel BRICS countries to use the U.S. dollar would only increase demand for national currencies. A study by the Atlantic Council’s GeoEconomics Centre in 2024 confirmed that the U.S. dollar remains the dominant global reserve currency, with attempts to promote alternatives, including the euro, failing to displace it.
BRICS consists of Brazil, Russia, India, China, and South Africa, along with Egypt, Ethiopia, Iran, Indonesia, and the UAE. While the group does not yet have a common currency, discussions on alternatives have accelerated, particularly after Russia faced Western sanctions over the Ukraine war.
According to Reuters, the push to challenge the dollar’s dominance has gained traction due to the strong U.S. economy, evolving taxation and monetary policies, and ongoing geopolitical tensions.
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- Aryan Gulati is a dedicated media student based in Meerut with a wealth of experience in various newspapers and media houses. He has numerous published articles and specializes in political and crime news writing, demonstrating a strong commitment to impactful journalism.
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