Trump Threatens 100% Tariff on BRICS Nations Over Dollar Sovereignty Concerns
President-elect Donald Trump issued a stern warning on Monday, threatening to implement a 100% tariff on countries within the BRICS alliance if they were found to be undermining the supremacy of the US dollar. In a post on his Truth Social platform, Trump emphasized the necessity for BRICS nations—including Brazil, Russia, India, China, and South Africa—to commit to refraining from creating a new BRICS currency or endorsing any currency that could rival the US dollar.
The statements come on the heels of the recent BRICS summit held in Kazan, Russia, where member states delved into discussions on promoting transactions that bypass the dollar and bolstering the use of local currencies. The BRICS coalition has evolved significantly since its formation in 2009, now welcoming additional nations like Iran, Egypt, and the United Arab Emirates, collectively representing a considerable portion of the global economy.
During the October 2024 summit, a joint declaration was made to enhance correspondent banking networks among BRICS members and facilitate transactions in local currencies, aligning with the BRICS Cross-Border Payments Initiative. However, Russian President Vladimir Putin indicated that progress toward developing a viable alternative to the Belgium-based SWIFT financial messaging system remained limited. After the summit, he remarked, “As for SWIFT and any alternatives, we have not created and are not creating any alternatives,” and noted that the idea of a unified BRICS currency is not currently on the agenda.
Trump’s protectionist stance encompasses threats of high tariffs against both allies and adversaries. He warned that if BRICS nations proceed with their current initiatives, they should prepare to forfeit access to the lucrative US market. “They can go find another ‘sucker!'” he declared, insisting that no country could feasibly replace the US dollar in global trade and that those attempting to do so should “wave goodbye to America.”
In related news, Eche Abu-Obe, the spokesperson for Nigeria’s Ministry of Foreign Affairs, confirmed that Nigeria has officially joined BRICS as a partner nation. This announcement supports previous comments made by Foreign Minister Yusuf Tuggar in November 2023, who stated the country’s aim to become a full BRICS member within the next two years, leveraging Nigeria’s substantial economy and population to enhance its economic influence.
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