Washington, DC [US], January 31 : US President Donald Trump ihas once again held out the threat of tariffs to BRICS nations if they try to replace the US Dollar with any other currency. In a post on Truth Social, Trump wrote:
"The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER. We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar or, they will face 100 per cent Tariffs, and should expect to say goodbye to selling into the wonderful US Economy. They can go find another sucker Nation. There is no chance that BRICS will replace the US Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!"
https://truthsocial.com/@realDonaldTrump/posts/113920366067218393
The statement reinforced Trump's position on de-dollarisation, warning that BRICS countries must commit to maintaining the US dollar's role in global trade or face economic consequences. His post emphasised that any attempt to introduce a new BRICS currency or back another alternative to replace the dollar would result in a complete trade tariff against those nations.
Trump's remarks signal a firm stance against financial shifts that could challenge the US economy's influence in international trade.
Trump had previously reiterated his position during a signing ceremony at the Oval Office, where he directly warned BRICS countries against moving away from the dollar. Speaking on the matter, he said:
"As a BRICS nation... they'll have a 100 per cent tariff if they so much as even think about doing what they thought, and therefore they'll give it up immediately."
He also rejected the idea that the US was in a vulnerable position, referencing a statement from former President Joe Biden. Trump insisted that the US holds leverage over BRICS countries, stating:
"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. And there's no way they're going to be able to do that."
Trump had made similar warnings before assuming office as the 47th President of the United States, stating that BRICS nations would face 100 per cent tariffs on imports to the US if they launched a new currency. His latest remarks reinforce his administration's commitment to protecting the US dollar's dominance in global trade.
BRICS nations have been actively working on reducing dollar dependence. During the plenary session of the 15th BRICS Summit in 2023, Russian President Vladimir Putin called for de-dollarisation, stating that "BRICS countries must expand settlements in national currencies and enhance cooperation between banks." In June 2024, BRICS foreign ministers met in Nizhny Novgorod, Russia, where they advocated for the "enhanced use of local currencies in bilateral and multilateral trades and financial transactions between the member countries."