President-elect #DONALD_TRUMP has strongly condemned BRICS' efforts to create an alternative currency to replace the US dollar in international trade. He warned that such a move would lead to severe repercussions, including a 100% tariff on goods from BRICS nations and a ban on access to the US market.
In a post on Truth Social on November 30, Trump urged BRICS countries to commit to not developing or supporting a rival currency, stressing that the US would not tolerate any attempts to undermine the dollar's dominance. "The idea that BRICS countries are trying to move away from the dollar while we watch is UNACCEPTABLE," he said.
Trump's statement aligns with his campaign pledge to defend the US dollar’s position as the global reserve currency. Reports indicate that his team is already considering punitive measures against countries pursuing de-dollarization.
The BRICS bloc, which includes Brazil, Russia, India, China, and South Africa, has been actively discussing alternatives to the dollar since 2023. This effort gained momentum during a summit where they considered using the Chinese yuan and blockchain-based stablecoins for trade, which could circumvent US sanctions.
BRICS expanded its membership this year by adding Iran, Saudi Arabia, the UAE, Ethiopia, and Egypt, with 34 additional countries expressing interest in joining. The bloc aims to reduce dependence on the US dollar and avoid Western sanctions by using local currencies and alternative banking systems, which could shift global trade dynamics. However, Trump’s strong opposition signals rising economic tensions between the US and BRICS.
This article, Donald Trump Criticizes BRICS Crypto Plan and Makes Threats, was originally published by BeInCrypto Brazil.