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November 30, 2024, U.S. President-elect Donald Trump announced plans to impose 100% tariffs on BRICS nations—Brazil, Russia, India, China, South Africa, and new members Iran, Saudi Arabia, the UAE, Argentina, Egypt, and Ethiopia—if they attempt to create or support a currency competing with the U.S. dollar. Trump emphasized that any efforts to undermine the dollar’s dominance would lead to severe economic repercussions, including restricted access to the U.S. market. 
This warning follows discussions among BRICS countries about reducing reliance on the U.S. dollar, with proposals for a new BRICS currency introduced at a recent summit in South Africa. Russian President Vladimir Putin has accused Western powers of “weaponizing” the dollar, arguing that sanctions against Russia have eroded trust in the currency. 
Trump’s stance aligns with his broader trade policy, which includes threats of tariffs on Mexico, Canada, and China to address issues like illegal migration and drug trafficking. These proposed tariffs have raised concerns about potential trade wars and their impact on global economic stability. 
This warning follows discussions among BRICS countries about reducing reliance on the U.S. dollar, with proposals for a new BRICS currency introduced at a recent summit in South Africa. Russian President Vladimir Putin has accused Western powers of “weaponizing” the dollar, arguing that sanctions against Russia have eroded trust in the currency. 
Trump’s stance aligns with his broader trade policy, which includes threats of tariffs on Mexico, Canada, and China to address issues like illegal migration and drug trafficking. These proposed tariffs have raised concerns about potential trade wars and their impact on global economic stability. 
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