President-elect Donald Trump announced that his administration would demand BRICS nations—an economic bloc led by China and Russia—not pursue the creation of a new currency or face 100% tariffs on their exports to the U.S.
In a Truth Social post, Trump declared, “The idea that the BRICS countries are trying to move away from the Dollar while we stand by and watch is OVER.
We require a commitment from these countries that they will neither create a new BRICS currency nor back any other currency to replace the mighty U.S. Dollar. Otherwise, they should expect to say goodbye to the U.S. economy.”
BRICS, comprising Brazil, Russia, India, China, and South Africa since 2011, expanded earlier this year to include Iran, Saudi Arabia, the UAE, Ethiopia, and Egypt.
The bloc has explored ways to reduce reliance on the U.S. dollar, including discussions on alternative currencies and banking networks to bypass Western sanctions.
While efforts to create a BRICS currency face challenges due to economic and geopolitical differences among member states, the group remains a strategic asset for China and Russia in countering U.S. influence globally.
During a BRICS summit in October, Russian President Vladimir Putin and Chinese leader Xi Jinping sought to project the message that the West stands isolated in the world, while a “global majority” of countries support their bid to challenge American global leadership.
Trump’s latest economic threat comes days after he pledged massive hikes in tariffs on goods coming from Mexico, Canada and China starting on the first day of his administration. The move, Trump said, will be in retaliation for illegal immigration and “crime and drugs” coming across the border.
Since that announcement, Trump spoke with Mexican President Claudia Sheinbaum for the first time following the tariff announcement, but they have offered conflicting statements about the call. Canadian Prime Minister Justin Trudeau, meanwhile, travelled to Trump’s Mar-a-Lago estate in Florida to meet with the president. Trudeau said the Friday dinner with Trump “was an excellent conversation,” and the president-elect called it a “very productive meeting.”
