US President elect Donald Trump has said there will be consequences if countries under BRICS create a new currency.
In a statement on X, Trump said the US will not stand and watch these countries push the idea of moving away from trading with US Dollar.
He said BRICS countries must commit to not creating a new currency or backing any other to replace the US Dollar.
The incoming US President said any attempt to have the new currency will be met with 100% Tariffs on their products to US.
He added that they should also expect to forget about selling to into the United States economy.
“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 or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy.
“They can go find another “sucker!” There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America,” Trump said.
His remarks come at the backdrop of BRICS countries exploring a new currency that could help member states trade without having to experience the costs associated with trading with the Dollar.
The leader of one member country, Brazil’s Luiz Inácio Lula da Silva, in 2023 proposed creating a common currency in South America to reduce reliance on the US dollar.
Using BRICS currencies and banking networks outside the US dollar-denominated system could allow member countries such as Russia, China and Iran to circumnavigate Western sanctions.
BRICS leaders have said they want to use their national
currencies more instead of the dollar.
