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US President-elect Donald Trump has strongly criticized BRICS’ plans to create an alternative currency to replace the US dollar in international trade. He warned that any such move would result in severe consequences, including a 100% tariff on products from BRICS countries and a ban on accessing the US market.
In a post on Truth Social on November 30, Trump urged BRICS nations to commit to not developing or supporting a rival currency, emphasizing that the US would not tolerate any efforts to undermine the dominance of the dollar. He stated, "The idea that BRICS countries are trying to move away from the dollar while we watch is UNACCEPTABLE."
Trump’s warning aligns with his campaign promise to protect the US dollar’s status as the global reserve currency. Reports suggest his team is already exploring potential punitive measures for countries that pursue de-dollarization.
The BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, has been actively discussing alternatives to the dollar since 2023. This gained momentum during a summit where they considered using the Chinese yuan and blockchain-based stablecoins for trade, which could bypass US sanctions.
BRICS expanded its membership this year, adding Iran, Saudi Arabia, the UAE, Ethiopia, and Egypt, with 34 other countries expressing interest in joining. The bloc aims to reduce reliance on the US dollar and avoid Western sanctions by leveraging local currencies and alternative banking systems, potentially reshaping global trade dynamics. However, Trump’s strong opposition suggests heightened economic tensions between the US and BRICS.
The article, Donald Trump Criticizes BRICS Crypto Plan and Makes Threats, was originally published by BeInCrypto Brazil.
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In a post on Truth Social on November 30, Trump urged BRICS nations to commit to not developing or supporting a rival currency, emphasizing that the US would not tolerate any efforts to undermine the dominance of the dollar. He stated, "The idea that BRICS countries are trying to move away from the dollar while we watch is UNACCEPTABLE."
Trump’s warning aligns with his campaign promise to protect the US dollar’s status as the global reserve currency. Reports suggest his team is already exploring potential punitive measures for countries that pursue de-dollarization.
The BRICS bloc, consisting of Brazil, Russia, India, China, and South Africa, has been actively discussing alternatives to the dollar since 2023. This gained momentum during a summit where they considered using the Chinese yuan and blockchain-based stablecoins for trade, which could bypass US sanctions.
BRICS expanded its membership this year, adding Iran, Saudi Arabia, the UAE, Ethiopia, and Egypt, with 34 other countries expressing interest in joining. The bloc aims to reduce reliance on the US dollar and avoid Western sanctions by leveraging local currencies and alternative banking systems, potentially reshaping global trade dynamics. However, Trump’s strong opposition suggests heightened economic tensions between the US and BRICS.
The article, Donald Trump Criticizes BRICS Crypto Plan and Makes Threats, was originally published by BeInCrypto Brazil.
#Write2Earn!
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