Trump threatens to impose 100% tax on BRICS

In a post on Truth Social on November 30, President-elect Donald Trump warned the BRICS countries to commit to not creating new currencies and not supporting any other currencies to replace the USD. "Or they will face 100% tariffs and should prepare to say goodbye to selling to the great American economy," Trump wrote.

Mr. Trump spoke at an event in Florida on November 14.

The president-elect declared that there was no chance of BRICS replacing the US dollar in international trade, warning that any country that tried to do so should "say goodbye" to the US.

BRICS is the acronym for five emerging economies: Brazil, Russia, India, China and South Africa. The group has expanded and added five more members: Egypt, Ethiopia, Iran, Saudi Arabia and the UAE.

In the context of increasingly tense competition with the US, Russia and China have repeatedly mentioned replacing the USD in international transactions as well as bilateral transactions.

China, Mexico, Canada warn after Trump threatens to raise tariffs on first day in office

Axios cited a report by the Council on Foreign Relations (a policy research organization in New York, USA) this year saying that creating a unified currency to replace the USD is a long-term ambition of BRICS, but internal divisions have hindered this idea.

The threat to BRICS is the latest salvo in Mr Trump’s campaign to use tariffs to achieve his policy goals. He has previously said he would impose a 10% import tax on all goods entering the US from all countries, including 60% on China. More recently, he has threatened to impose a 25% tariff on his two neighbors, Canada and Mexico, and an additional 10% on China, to stop illegal immigration and the trafficking of fentanyl into the US.

Mexican President Claudia Sheinbaum and Mr. Trump spoke by phone, but Mexican officials warned that they would respond proportionately to any US tariffs. Canada made a similar statement, but Prime Minister Justin Trudeau just traveled to Florida (USA) to meet with Mr. Trump on the issue.

In another post on November 30, Mr. Trump said he had a very productive meeting with Prime Minister Trudeau, in which many important topics were discussed and "need the two countries to work together to solve" such as fentanyl, illegal immigration, trade deficit, energy, and the Arctic.

Source: https://thanhnien.vn/ong-trump-doa-danh-thue-100-len-brics-185241201064920802.htm