On November 30, 2024, US President-elect Donald Trump threatened to impose tariffs of up to 100% on BRICS countries (Brazil 🇧🇷, Russia 🇷🇺, India 🇮🇳, China 🇨🇳, South Africa 🇿🇦) as well as new members such as Iran 🇮🇷, Saudi Arabia 🇸🇦, the UAE 🇦🇪, Argentina 🇦🇷, Egypt 🇪🇬, and Ethiopia 🇪🇹, if they try to develop or support a new currency to compete with the US dollar 💸. Trump stressed that any attempt to reduce the dominance of the dollar will lead to severe economic consequences 💥, including restrictions on these countries’ access to the US market 🇺🇸.
The comments came after talks between BRICS countries on ways to reduce dependence on the US dollar 💱, with the idea of creating a new common currency being floated at a summit in South Africa 🇿🇦. Russian President Vladimir Putin 🇷🇺 has suggested that Western sanctions against Russia have eroded confidence in the US dollar 💔.
Trump's stance shows the continuation of his trade policy that includes imposing tariffs on countries that compete with the US economy 💼.