Washington, D.C. – President-elect Donald Trump has issued a stark warning to the BRICS countries, a bloc of emerging economies backed by China and Russia, saying that they must commit to not creating a new currency or face punitive 100% tariffs during his administration. The warning was posted on Trump’s social media platform, Truth Social, on Saturday afternoon.
“The idea that the BRICS countries are trying to move away from the Dollar while we stand by and watch is OVER,” Trump wrote. “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 or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. economy.”
BRICS, which has been comprised of Brazil, Russia, India, China, and South Africa since 2011, has recently expanded, with Iran, the United Arab Emirates, Ethiopia, and Egypt joining the bloc. In February, South African Foreign Minister Naledi Pandor revealed that 34 other countries have expressed interest in joining the group.
The move to challenge the dominance of the U.S. dollar has been gaining traction among BRICS members, with Brazil’s President Luiz Inácio Lula da Silva proposing the creation of a common South American currency earlier this year to reduce the region’s reliance on the dollar. This proposal has sparked concerns in Washington, particularly as countries like China, Russia, and Iran, which face Western sanctions, could potentially bypass the dollar by using BRICS currencies and banking networks.
However, the likelihood of a new BRICS currency remains uncertain. At the BRICS summit in Russia this October, Russian President Vladimir Putin said that the group was not yet considering the creation of a common currency. “Its time has not come yet. We need to be very careful and act gradually, without any rush,” Putin remarked. He added that the group was exploring ways to increase the use of national currencies for trade and strengthening central bank coordination.
The BRICS bloc, which continues to grow in importance, represents a challenge to U.S. global economic dominance. For China, the group offers an opportunity to deepen relationships with key emerging market economies, while Russia, facing international isolation due to its invasion of Ukraine, sees the bloc as a way to bolster its global standing.
Trump’s remarks come shortly after he vowed to impose steep tariffs on goods from Mexico, Canada, and China on the first day of his next administration. These tariffs, Trump stated, would be a response to issues such as illegal immigration and crime associated with cross-border activities.
Since the announcement, Trump has had discussions with Mexican President Claudia Sheinbaum, though their statements about the call have differed. Meanwhile, Canadian Prime Minister Justin Trudeau visited Trump’s Mar-a-Lago estate in Florida, describing their meeting as “an excellent conversation,” while Trump called it a “very productive meeting.”
The president-elect’s economic threats highlight his combative stance toward international trade agreements and the role of the U.S. dollar, signaling that his administration could take an aggressive approach to challenge the global economic strategies of countries seeking to reduce reliance on the U.S. financial system.
