Trump threatens to charge 100% tariffs on BRICSNewly re-elected US President Donald Trump, has sparked global economic tensions with his threat to impose 100% tariffs on the nine-member BRICS bloc if they pursue plans to create a rival currency to the US dollar. In a pointed message on his social media platform Truth Social, Trump criticized the alliance, comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the UAE for considering steps to diminish the dollar’s dominance in global trade.
“The idea that the BRICS countries are trying to move away from the Dollar while we stand by and watch is OVER,” Trump wrote, warning of dire consequences for their access to the US market.
Trump, who campaigned on a platform of aggressive tariffs to protect American interests, has drawn parallels between his latest threats and previous actions, such as tariff negotiations with Mexico and Canada. Economists warn that such measures often backfire, with US consumers and businesses bearing the brunt of the costs. Joining us on the line is Harry Scherzer, Chief Executive Officer of Future Forex (an international money transfers fintech company)