Trump repeats tariffs threat to dissuade BRICS nations from replacing US dollar

U.S. President Donald Trump on Thursday warned off BRICS member countries from replacing the U.S. dollar as a reserve currency by repeating a 100%-tariffs threat he had made weeks after winning the November presidential elections, Reuters reports.

"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 U.S. Dollar or, they will face 100% Tariffs," Trump said on Truth Social in a statement nearly identical to one he posted on Nov. 30.

At the time, Russia said that any U.S. attempt to compel countries to use the dollar would backfire.

The BRICS grouping includes Brazil, Russia, India, China, and South Africa and a few other countries that joined in the past couple of year. The grouping does not have a common currency, but long-running discussions on the subject have gained some momentum after the West imposed sanctions on Russia over the war in Ukraine.