Trump threatens ‘100% tariffs’ on countries that resist US dollar: Find another ‘sucker’

(The Hill) – President-elect Donald Trump on Saturday warned a nine-nation bloc to abandon efforts to introduce a new currency, threatening to give countries that try to undervalue the U.S. dollar a 100-dollar to impose a percent duty.

His threat was aimed at countries in the so-called BRIC alliance, which includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates. Turkey, Azerbaijan and Malaysia have applied for membership and several other countries have expressed interest in joining.

“We require these countries to commit to neither creating a new BRICS currency nor supporting any other currency to replace the mighty US dollar, otherwise they will face 100 percent tariffs and should expect to refrain from selling in “To say goodbye to the wonderful USA economy,” Trump wrote on Truth Social.

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“You can find another ‘sucker!’ There is no chance that the BRICS will replace the US dollar in international trade, and any country that tries should say goodbye to America.”

The nine-member organization launched discussions on creating its own monetary system at its October summit in Kazan, Russia, where 13 new partner countries were welcomed.

While the U.S. dollar is by far the most widely used currency in global business and has weathered challenges to its dominance in the past, members of the alliance and other developing countries say they are tired of America’s dominance of the global financial system.

The leaders of Brazil, Russia, India, China and South Africa, all original members, spoke openly about plans to create the “unity,” a currency supported by member states and gold reserves.

China’s President Xi Jinping said the BRIC group is “a vanguard in advancing global governance reform” and “reform of international financial architecture,” according to the Global Economic Report newspaper.

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Bolivia’s President Luis Arce argued that “the shield of BRICS and multipolarity” would protect the new member country from “Western unipolarity and the tyranny of the dollar,” as reported in the article.

Many of the affiliated nations want to move away from the U.S. dollar, which dominates foreign exchange and oil trading, the International Monetary Fund noted.

However, Trump has firmly reiterated that this collapse will not happen during his term in office. The former president has promised to impose high tariffs on Canada, Mexico and China, aiming to use financial leverage for economic and political stability.

President Biden and other world leaders have resisted that strategy by calling on the Republican to rethink his approach. Still, Trump said he would implement this unprecedented trade policy from day one.

The Associated Press contributed to this report.

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