By Niyi Jacobs
Former U.S. President Donald Trump has warned BRICS nations of 100% tariffs if they attempt to move away from the U.S. dollar as an international payment standard.
In a post on Truth Social, Trump declared that the U.S. would not allow BRICS countries to introduce an alternative currency, stating that any such move would be met with steep trade penalties.
The BRICS bloc, originally comprising Brazil, Russia, India, China, and South Africa, recently expanded to include Iran, Ethiopia, Egypt, the UAE, and Indonesia. The group aims to counterbalance Western economic dominance, with Russian President Vladimir Putin actively pushing for an independent payment system to reduce reliance on the U.S. dollar.
Trump’s tariff threats echo his previous trade policies, which saw widespread levies on imported goods during his first term. Economists warn that such tariffs could drive up consumer prices in the U.S., further fueling global trade tensions.
