US President-elect Donald Trump has threatened to impose 100% tariffs on a bloc of nine nations if they were to create a rival currency to the US dollar.
“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER,” Trump wrote on social media on Saturday.
Major world powers China and Russia are part of the BRICS alliance, along with Brazil, India, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates.
During the US election, Trump campaigned on implementing widespread tariffs. He has escalated threats of steep levies in recent days.
This latest message from Trump, who will take office next year on 20 January, was aimed at the BRICS, a bloc of mostly emerging economies.
Leading politicians in Brazil and Russia have suggested creating a BRICS currency to reduce the US dollar’s dominance in global trade. But internal disagreement has slowed any progress.
