President-elect Donald Trump has escalated tensions with the BRICS nations—Brazil, Russia, India, China, and South Africa, along with newer members like Iran and Egypt—by threatening 100% tariffs on their exports to the U.S. if they proceed with plans to create a currency that challenges the U.S. dollar's global dominance. Trump’s warning underscores his administration’s intent to maintain the dollar's central role in international trade, branding any effort to replace it as unacceptable. His statement on Truth Social declared that countries attempting to abandon the dollar "should wave goodbye to America," emphasizing the potential economic consequences of defying U.S. expectations.
The move comes as the BRICS nations increasingly discuss reducing dependency on the dollar, a topic that gained momentum after U.S. sanctions on Russia in 2022. Trump's threats, however, have drawn mixed reactions. Supporters view them as a tactical move to secure stronger trade deals, while critics warn they could provoke a united response from BRICS, potentially leading to a damaging trade war. Economists have also pointed out the risks of alienating major trading partners, particularly as the global economic landscape shifts toward multipolar alliances.