Trump Threatens 100% Tariffs on BRICS Nations Seeking Independence from the U.S. Dollar – One America News Network
OAN Staff Blake Wolf
5:23 PM – Monday, December 2, 2024
The President-elect Donald Trump has announced intentions to implement a 100% tariff on BRICS nations if they seek to distance themselves from using the U.S. dollar in international trade.
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BRICS comprises Brazil, Russia, India, China, and South Africa, and is an intergovernmental entity established in 2006, aimed at facilitating collaboration on investment opportunities and amplifying global influence among its member nations.
“The notion that the BRICS nations can attempt to shift away from the Dollar while we passively observe is OVER. We demand a commitment from these countries that they will not create a new BRICS currency, nor support any other currency to supplant the dominant U.S. Dollar, or face 100% tariffs, and should brace for the end of selling into the fabulous U.S. economy. They can find another ‘sucker!’” Trump stated in a post on Truth Social.
In 2023, BRICS welcomed new members including Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
Some BRICS nations, particularly Russia, have made strides in developing a currency to rival the U.S. dollar. However, other members, such as China and India, maintain strong trading ties with the United States and are concerned about the repercussions of abandoning the dollar.
In 2022, trade between China and the United States amounted to approximately $758.4 billion, while trade with India reached an estimated $191.4 billion.
“Trump’s recent electoral victory was significantly bolstered by his promise to impose strict tariffs on foreign imports to the U.S., advocating for a robust 60% tariff on Chinese goods,” remarked Stephen Innes, managing partner at SPI Asset Management.
“This stringent approach to trade reflects Trump’s broader ‘America First’ economic agenda, which seeks to reshape global trade dynamics and bolster U.S. economic sovereignty. As the world observes, there is potential for a major trade upheaval, setting the scene for a contentious beginning to Trump’s administration,” he added.
A 100% tariff on BRICS nations would substantially escalate the cost of goods for these members and could lead to increased U.S. inflation while disrupting global trade flows.
“There is no possibility for BRICS to oust the U.S. Dollar from International Trade, and any country that attempts to do so should prepare to farewell America,” Trump further asserted.
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