U.S. President-elect Donald Trump has escalated his criticism of the BRICS nations, warning of significant economic consequences if they move forward with plans for a single currency. On Saturday, Trump posted on his social media platform, Truth Social, outlining plans for a 100% tariff on BRICS countries if they attempt to undermine the U.S. dollar in international trade. His remarks come amid mounting speculation that the economic bloc may be considering alternatives to the dollar, such as a shared currency or similar mechanisms.
Casting the proposed efforts as a direct challenge to U.S. financial supremacy, Trump condemned the potential creation of a common BRICS currency. The President-elect wrote:
We require a commitment from these countries that they will neither create a new BRICS currency, nor back any other currency to replace the mighty U.S. dollar, or they will face 100% tariffs.
Trump underscored that any nation seeking to diminish the dollar’s role would face economic isolation from the United States.
Reacting to Trump’s position, Anthony Pompliano, a prominent bitcoin advocate, commented Saturday on the social media platform X about how the BRICS tariff issue could affect bitcoin. He opined:
The future will be dollars for transactions and bitcoin for savings.
Efforts by BRICS nations to explore a common currency aim to reduce reliance on the U.S. dollar and minimize exposure to Western sanctions. These initiatives, however, are complicated by the varied economic and political environments among member states. Instead, the bloc has increasingly focused on boosting trade in local currencies and establishing independent financial systems. Examples of this shift include China and India purchasing Russian oil using their own currencies and ongoing work to develop a cross-border payment system that bypasses the dollar.
Meanwhile, Trump has dramatically changed his stance on cryptocurrencies, transitioning from skepticism to advocacy. During his 2024 presidential campaign, he pledged to position the U.S. as a global leader in the crypto space, proposing a national bitcoin reserve and promising regulatory changes. He also indicated plans to replace U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler with a more crypto-aligned official and discussed forming a bitcoin and cryptocurrency advisory council. Additionally, his non-fungible token (NFT) collections and his family’s involvement in launching World Liberty Financial, a cryptocurrency platform, reflect the Trump brand’s deepening ties to the digital asset industry.
