OAN Staff Blake Wolf
5:23 PM – Monday, December 2, 2024
President-elect Donald Trump has announced plans to impose 100% tariffs on BRICS countries if they move away from the use of the US dollar in international trade.
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BRICS, an acronym for Brazil, Russia, India, China and South Africa, is an intergovernmental organization founded in 2006 that brings together emerging economies that seek to collaborate on investment opportunities and increase their global influence. Member countries are members.
“We are done with the idea that the BRICS countries are going to move away from the dollar while we stand by. They want a promise not to support the currency, or they should face 100% tariffs and say goodbye to the great US economy. I can go look for it!'' President Trump said. Announced in a Social post.
BRICS also expanded in 2023, welcoming Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates into the group.
Some BRICS countries, led by Russia, are attempting to create an alternative currency to rival the US dollar. However, other members of the group, such as China and India, still invest heavily in trade with the United States and are concerned about the potential impact of a dollar withdrawal.
During 2022, China and the United States traded approximately $758.4 billion in goods and services, and the 2022 trade in goods and services with India was estimated at $191.4 billion.
“Mr. Trump's recent election victory was greatly enhanced by his pledge to impose harsh tariffs on foreign imports to the United States, advocating for aggressive 60% tariffs on Chinese goods,” SPI Assets said Stephen Innes, managing partner of the management.
“This hard-line approach to trade reflects President Trump's broader 'America First' economic policies aimed at rebalancing global trade dynamics and strengthening U.S. economic sovereignty. “The world is watching, the potential for global trade chaos looms, and the stage is set for a controversial start to the Trump administration.”
Imposing 100% tariffs on BRICS countries would significantly increase the cost of goods for member countries, disrupting global trade and increasing inflation in the United States.
President Trump added: “BRICS has no chance of replacing the US dollar in international trade, and any country that aspires to do so should bid farewell to the United States.”
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