0:00
0:00
Trump Asserts BRICS 'Is Finished' In Light of Tariff Threats
US President Donald Trump cautions BRICS countries about significant tariffs if they consider alternative currencies to the US dollar.
US President Donald Trump has proclaimed that the BRICS coalition, which includes Brazil, Russia, India, China, and South Africa, is ‘dead,’ based on his claim that it was formed for a ‘bad purpose.’ During a press conference on Thursday, Trump reaffirmed his warning of imposing a 100% tariff on BRICS countries if they seek to replace the US dollar with another currency in global trade.
Trump's comments focused on the coalition's purported plans to create alternative trading systems that challenge the dollar's supremacy.
‘The US will not trade with BRICS nations if they want to play games,’ Trump declared, suggesting that any future trading would incur exceptionally high tariffs.
He added, ‘Those countries won't trade with us. We won't trade with them,’ indicating severe economic repercussions for BRICS nations involved in initiatives that threaten the dollar's significance.
The president's remarks arise amid growing discussions among BRICS members about the potential for transitioning away from the dollar.
Earlier in January, Trump warned on his platform, Truth Social, that he would impose tariffs on BRICS nations attempting to establish a new currency, asserting that such actions would not go unchallenged by the United States.
In 2023, during the 15th BRICS Summit, Russian President Vladimir Putin emphasized the importance of member countries increasing trade in their national currencies and enhancing banking collaboration.
In June 2024, BRICS foreign ministers gathered in Nizhny Novgorod, Russia, to promote the greater use of local currencies in both bilateral and multilateral trade dealings.
Referencing comments made by former President Joe Biden about the US's economic situation, Trump insisted that the United States holds considerable leverage over BRICS nations.
He stated, ‘It's not even a threat. In fact, since I made that statement, Biden said they have us over a barrel. I said, No, we have them over a barrel.’
Historically, Trump's position reflects a broader skepticism towards multilateral agreements and alternative economic frameworks that might undermine the US dollar's established status as the principal currency for international trade.
Trump's comments focused on the coalition's purported plans to create alternative trading systems that challenge the dollar's supremacy.
‘The US will not trade with BRICS nations if they want to play games,’ Trump declared, suggesting that any future trading would incur exceptionally high tariffs.
He added, ‘Those countries won't trade with us. We won't trade with them,’ indicating severe economic repercussions for BRICS nations involved in initiatives that threaten the dollar's significance.
The president's remarks arise amid growing discussions among BRICS members about the potential for transitioning away from the dollar.
Earlier in January, Trump warned on his platform, Truth Social, that he would impose tariffs on BRICS nations attempting to establish a new currency, asserting that such actions would not go unchallenged by the United States.
In 2023, during the 15th BRICS Summit, Russian President Vladimir Putin emphasized the importance of member countries increasing trade in their national currencies and enhancing banking collaboration.
In June 2024, BRICS foreign ministers gathered in Nizhny Novgorod, Russia, to promote the greater use of local currencies in both bilateral and multilateral trade dealings.
Referencing comments made by former President Joe Biden about the US's economic situation, Trump insisted that the United States holds considerable leverage over BRICS nations.
He stated, ‘It's not even a threat. In fact, since I made that statement, Biden said they have us over a barrel. I said, No, we have them over a barrel.’
Historically, Trump's position reflects a broader skepticism towards multilateral agreements and alternative economic frameworks that might undermine the US dollar's established status as the principal currency for international trade.
