President-elect Donald Trump on Saturday urged the BRICS nations—Brazil, Russia, India, China, and South Africa, along with newer members Iran, Egypt, Ethiopia, and the UAE—to maintain the U.S. dollar as their reserve currency. In a statement on Truth Social, Trump threatened 100% tariffs if the bloc advances efforts to replace the dollar with an alternative currency.
Trump wrote, “The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER,” demanding a commitment from the group to neither create a new BRICS currency nor back another currency. He warned, “They will face 100% Tariffs and should expect to say goodbye to selling into the wonderful U.S. Economy.”
Discussions among BRICS leaders about reducing reliance on the U.S. dollar have gained traction in recent years, particularly following U.S. sanctions against Russia after its invasion of Ukraine. During the 2024 BRICS Summit, leaders explored steps to reduce dollar dependence in global trade.
Trump also reiterated plans for tariffs on other nations, including a 25% tariff on Mexico and Canada and a 10% additional tariff on China, citing concerns over illegal migration and drug trafficking. The Trump transition team has yet to clarify the total tariff rates planned for BRICS nations.
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