US President Donald Trump fired another stern warning to the BRICS bloc, which includes India, threatening to impose 100% tariffs if the group attempts to replace the US dollar with an alternative currency.
In a post on his social media platform, Truth Social, Trump wrote on Friday: "The idea that the BRICS countries are trying to move away from the dollar, while we stand by and watch, is OVER."
He said, "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. If they do, they will face 100% tariffs and should expect to say goodbye to selling into the wonderful US economy."
Trump added,"They can go find another sucker nation. There is no chance that BRICS will replace the US dollar in international trade—or anywhere else. Any country that tries should say hello to tariffs and goodbye to America!"
Trump has repeatedly voiced his opposition to de-dollarisation, cautioning that BRICS nations should uphold the US dollar's dominance in global trade to avoid potential economic repercussions.
The BRICS bloc, which comprises Brazil, Russia, India, China, South Africa, as well as Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates, has been discussing alternatives to the US dollar for international trade. In particular Russia and China, have been seeking an alternative to the US Dollar or creating their own BRICS currency.