Un member nations and their friends are being warned by US President-elect Donald Trump that if they implement plans to replace the US dollars in global trade, they will be subject to a severe tariff ban.
Trump’s statement was made on his social media platform, Truth Social, on Saturday, targeting the bloc’s continued efforts to challenge the hegemony of the money.
Trump demanded a proper confirmation from the Brics countries, which include Brazil, Russia, India, China, and South Africa, alongside newer people quite as Iran, Egypt, Ethiopia, and the UAE.
He stated,” We demand a commitment from these nations that they will not create a new British currency nor support any other currencies to replace the mighty US Dollar, or they will be subject to 100 % tariffs.”
He added that any such action would lead to the nations ‘ exit from the US economy, saying that” they should anticipate saying farewell to selling into the great US Economy.”
There is no way the Brics will replace the US Dollar in global trade, and any nation trying to do so should wave goodbye to America, according to Trump, who questioned whether the Brics could safely challenge the currency’s dominance.
The Brics alliance has been considering ways to reduce its dependence on the US dollars and is considering creating a reserve money to facilitate trade among its members. This initiative is in direct opposition to the economy’s dominance in international trade and finance. According to opponents, a dollar like this would shield their economies from the erratic effects of US sanctions and economic policies.
