President Donald Trump on Thursday alerted off BRICS member countries from replacing the United States dollar as a reserve currency by duplicating a 100%-tariffs danger he had made weeks after winning the November presidential elections.&& We are going to require a dedication from these relatively hostile Countries that they will neither produce a brand-new BRICS Currency, nor back any other Currency to change the mighty United States Dollar or, they will face 100% Tariffs,& & Trump stated on Truth Social in a statement almost identical to one he posted on Nov.
30, Reuters reported.At the time, Russia said that any United States effort to compel countries to use the dollar would backfire.The BRICS grouping consists of Brazil, Russia, India, China, and South Africa and a few other countries that joined in the previous number of year.
The grouping does not have a common currency, but long-running conversations on the subject have gotten some momentum after the West imposed sanctions on Russia over the war in Ukraine.&& There is no possibility that BRICS will replace the United States Dollar in International Trade, or anywhere else, and any Country that tries need to state hey there to Tariffs, and goodbye to America!,& & he said.Trump posted his warning to the BRICS as Canada and Mexico await for his choice to follow through on a pledge to impose 25% tariffs on the United States& & North American trading partner from Feb.
1.
Trump wants to use tariffs as a tool to get Mexico and Canada to help stem the flow of illegal drugs into the United States, particularly the deadly opioid fentanyl, and likewise migrants crossing unlawfully into the United States Dollar dominance —-- the outsized function of the United States dollar in the world economy —-- has strengthened of late, thanks to the robust United States economy, tighter monetary policy and increased geopolitical threats, even as financial fragmentation has actually boosted a push by BRICS countries to move away from the dollar into other currencies.A study by the Atlantic Council&& 's GeoEconomics Center in 2015 revealed that the United States dollar remains the world&& 's main reserve currency, and neither the euro nor the so-called BRICS countries have had the ability to decrease international reliance on the dollar.The acronym BRIC, which did not initially consist of South Africa, was coined in 2001 by then Goldman Sachs primary economist Jim O&& Neill in a term paper that underlined the growth capacity of Brazil, Russia, India and China.The bloc was founded as a casual club in 2009 to supply a platform for its members to challenge a world order controlled by the United States and its Western allies.
South Africa was the first recipient of a growth of the bloc in 2010 when the organizing ended up being called BRICS.The group added Egypt, Ethiopia, Iran and the United Arab Emirates in 2023, and Indonesia entered earlier this month.The post Trump repeats tariffs danger to discourage BRICS countries from changing US dollar initially appeared on Ariana News.