US President Donald Trump reiterated his strong stance against the BRICS nations on Monday, warning that they would face 100 percent tariffs on trade with the US if they continue with their efforts to de-dollarize global trade.
During a signing ceremony at the Oval Office, Trump stated, “As a BRICS nation… they’ll have a 100 percent tariff if they even think about doing what they’ve been considering, and they’ll give it up immediately.” He was referring to the ongoing attempts by BRICS countries to reduce the use of the US dollar in international trade.
Trump clarified that his statement should not be interpreted as a threat, but as a clear position on the matter. He also took a jab at former US President Joe Biden’s comments, which suggested the US was in a vulnerable position regarding this issue. Trump disagreed with Biden’s view, asserting that the US holds significant leverage over the BRICS nations, and they would not be able to follow through with their plans.
“If the BRICS nations want to do that, that’s fine, but we’re going to impose at least a 100 percent tariff on the business they do with the United States. It’s not a threat. In fact, since I made that statement, Biden said they have us over a barrel. I said, No, we have them over a barrel, and there’s no way they’ll be able to do that,” Trump added.
This statement follows previous threats made by Trump before his swearing-in as the 47th President of the United States, in which he warned that BRICS countries would face 100 percent tariffs on all imports if they proceeded with launching their own currency.
BRICS nations have been working on reducing the dominance of the US dollar in the global financial system by developing a new global currency. During the 15th BRICS Summit in 2023, Russian President Vladimir Putin called for de-dollarization, urging BRICS countries to expand settlements in national currencies and strengthen cooperation between banks.
In June 2024, BRICS foreign ministers met in Nizhny Novgorod, Russia, where they reiterated their call for increased use of local currencies in bilateral and multilateral trade and financial transactions between member countries.
