The United States president Donald Trump has threatened to sanctioned members of the BRICS countries by increasing tariffs by 100% if they try to replace the US Dollar.
Trump disclosed this in his verified social media handle Truth Social.
According to him, the idea behind watching BRICS members trying to move away from dollar is over.
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“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 countries that they will neither create a new BRICS currency, nor back any other currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy,” he said.
“There is no chance that BRICS will replace the U.S. Dollar in International Trade, or anywhere else, and any country that tries should say hello to Tariffs, and goodbye to America,” he wrote on Truth Social.
BRICS refers to certain emerging market countries—Brazil, Russia, India, China, and South Africa (and the list of countries joining the bloc is growing) — that seek to establish deeper ties between member nations and cooperate on economic expansion, including trade.