Silke Mayr Donald Trump, the incoming U.S. president, has threatened steep tariffs against BRICS nations if they create a dollar alternative.
Bold Threats Against BRICS
Trump criticized BRICS countries, including China, Russia, and Brazil, for considering a currency to challenge the dollar. “The idea of BRICS moving away from the Dollar while we watch is OVER,” he posted on social media.
He promised 100% tariffs on imports from BRICS if they pursue a rival currency. “They can find another sucker,” he warned.
BRICS leaders have proposed a shared currency to reduce reliance on the dollar, but disagreements have delayed action.
Negotiation Tactics or Real Threats?
Some Trump allies view his tariff threats as negotiation tools. Senator Ted Cruz highlighted their effectiveness in previous trade deals.
Trump’s Treasury Secretary pick, Scott Bessent, called the approach “escalate to de-escalate.” Bessent emphasized Trump’s ultimate support for free trade.
Tariffs have been central to Trump’s economic policies. He claims they grow the economy, though experts argue U.S. businesses and consumers bear most costs.
During his first term, Trump imposed tariffs widely, many of which remain under President Biden.