Former US President Donald Trump has vowed to impose 100% tariffs on exports of BRICS nations if the US dollar is replaced as the leading currency in global trade. The Friday warning underscores his stance against de-dollarisation, a move increasingly discussed among BRICS members.
‘Go find another sucker nation’ – Trump issues serious warnings to BRICS, or else 100% tariffs will be imposed if dollar is replaced
Trump is quoted to have posted on his social media page that the BRICS group’s moves to create a new currency or increase trade using non-dollar-value currencies would attract significant economic sanctions. He posited that the American economy will not be used as the “sucker Nation” by countries that want to gain control over the dollar-value reign of the United States.
The idea that BRICS countries are trying to move away from the Dollar while we watch is OVER,” Trump wrote.
“Any nation attempting to replace the mighty US Dollar should expect 100% tariffs and say goodbye to selling into our wonderful US Economy.”
The BRICS bloc—originally made up of Brazil, Russia, India, China, and South Africa—has long considered decreasing reliance on the dollar, particularly since Western sanctions were leveled against Russia for invading Ukraine. Adding Egypt, Ethiopia, Indonesia, Iran, and the UAE recently has further cemented the bloc’s push to decrease its reliance on the dollar. Even though BRICS+ does not yet have a unified currency, the group has repeatedly advocated for local currencies in trade.
The impetus for de-dollarisation was clearly visible at the 2023 BRICS Summit, where Russian President Vladimir Putin called on the members to increase transactions in national currencies. The trend again gained momentum in mid-2024 when BRICS foreign ministers reiterated their commitment to reducing dollar reliance in trade agreements.
Why BRICS should not even think of replacing Dollar?
Still, the US dollar has continued to reign supreme as the global reserve currency. According to a 2023 study published by the Atlantic Council’s GeoEconomics Center, neither the euro nor BRICS+ had significantly dented the dollar’s grip in the world.
Trump’s threats follow his general line of protectionist trade policies. He had also advocated for levying tariffs against Mexico and Canada, arguing in favor of their economic security concerns. He described India as a “very big abuser” of trade policies during his presidential campaign and is now using similar rhetoric against the BRICS+ nations.
Economists, however, are skeptical about his aggressive stance. Experts warn that such sweeping tariffs could increase trade tensions, raise costs for American businesses, and disrupt industries that rely on global supply chains. As Trump sees economic pressure as a means to maintain US dominance, the future of global trade is uncertain since BRICS nations continue considering alternatives to the dollar.
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