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Published 08:51 IST, January 31st 2025

Donald Trump Again Threatens BRICS Nations with 100% Tariff Over De-Dollarisation

Donald Trump has once again, threatened the BRICS Nations against replacing the USD with any other currency, it's consequence being facing 100% tariff.

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Trump Again Warns BRICS Nations with 100% Tariff Over De-Dollarisation
Trump Again Warns BRICS Nations with 100% Tariff Over De-Dollarisation | Image: Republic Media Network

Washington: Days after assuming duties as the US President, Donald Trump has once again issued threats to the BRICS Nations if they make an attempt to replace the USD with any other currency. Trump has threatened the BRICS nations with 100% tariff over de-dollarisation. 

‘…Or They Will Face 100 Percent Tariffs’: Trump's Open Threat to ‘Seemingly Hostile’ BRICS Nations

Threatening the BRICS Nations of 100% tariff if they replace the US Dollar , Donald Trump said in a post on Truth Social, “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 per cent Tariffs, and should expect to say goodbye to selling into the wonderful US Economy.”

‘They Can Go Find Another Sucker Nation’

Trump's Truth Social post further read, “They can go find another sucker Nation. 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!”

Trump's Threat A Reinforcement of His Position on De-Dollarisation

The statement reinforced Trump's position on de-dollarisation, warning that BRICS countries must commit to maintaining the US dollar's role in global trade or face economic consequences. His post emphasised that any attempt to introduce a new BRICS currency or back another alternative to replace the dollar would result in a complete trade tariff against those nations.

Trump had previously reiterated his position during a signing ceremony at the Oval Office, where he directly warned BRICS countries against moving away from the dollar. Speaking on the matter, he had said: "As a BRICS nation... they'll have a 100 per cent tariff if they so much as even think about doing what they thought, and therefore they'll give it up immediately."

BRICS Nations Working Towards Dollar Dependence Reduction

BRICS nations have been actively working on reducing dollar dependence. During the plenary session of the 15th BRICS Summit in 2023, Russian President Vladimir Putin called for de-dollarisation, stating that "BRICS countries must expand settlements in national currencies and enhance cooperation between banks." 

In June 2024, BRICS foreign ministers met in Nizhny Novgorod, Russia, where they advocated for the “enhanced use of local currencies in bilateral and multilateral trades and financial transactions between the member countries.”

Trump's ‘America First’ Tariff Strategy

“We're going to put tariffs on outside countries and outside people that really mean harm to us,” Trump told House Republicans at a Florida retreat. He singled out China, India, and Brazil as nations imposing heavy tariffs on US goods. “Look at what others do. China is a tremendous tariff maker, and India and Brazil and so many other countries. So we're not going to let that happen any longer because we're going to put America first,” he said.

Trump announced plans for a "very fair system" where tariffs on foreign nations would bolster the US economy. "Money is going to come into our coffers, and America is going to be very rich again," he said, adding that the strategy would reduce taxes on American workers and businesses while creating jobs and bringing factories back to the US. He reiterated his "American first" economic model, emphasizing that increased tariffs on foreign goods would incentivize companies to relocate their manufacturing to the US. “If you want to stop paying the taxes or the tariffs, you have to build your plant right here in America,” Trump said.

Tariffs on Canada, Mexico from Saturday: Donald Trump

In another news, Trump has announced plans to impose on Saturday a 25 per cent tariff on Canada and Mexico, its two neighbouring countries, and is also in the process of considering a similar measure against China. “We will be announcing the tariffs on Canada and Mexico for a number of reasons," the president told reporters in the Oval Office of the White House on Thursday.

“I will be putting the tariff of 25 per cent on Canada and, separately, 25 per cent on Mexico. We will really have to do that because we have very big deficits with those countries. Those tariffs may or may not rise with time,” said the president. “We're going to make that determination probably tonight on oil. Because they send us oil...It depends on what the price is. If the oil is properly priced, if they treat us properly, which they don't,” he said. “Mexico and Canada have never been good to us on trade," Trump said, adding that the two countries have treated the US "very unfairly" on trade.

(Inputs from ANI)

Updated 12:45 IST, January 31st 2025