Donald Trump threatens BRICS countries with 100 percent tariffs over plans to replace dollar – ThePrint – ANIFeed

Washington DC (USA), December 1 (ANI): US President-elect Donald Trump on Saturday threatened the BRICS countries, including India, with 100 percent tariffs and called for a clear commitment from these countries to refrain from creating a new currency or supporting any other currency for replacing the US dollar.

He also warned that any country trying to replace the US dollar would also lose access to the US market, adding that such countries would have to find “another sucker” if they continued such actions.

“The idea that the BRICS countries are trying to move away from the dollar while we stand by and watch is OVER. We demand a commitment from these countries that they will not create a new BRICS currency or support any other currency to replace the mighty US dollar, or they will face 100% tariffs and should expect to say goodbye with sales to the wonderful USA. Economy. They can find another “sucker!” Trump said.

“There is no chance that BRICS will replace the US dollar in international trade, and any country that tries to do so must kiss America goodbye,” he added.

Trump’s announcement came after Russian President Vladimir Putin proposed creating a new investment platform for the BRICS countries during the BRICS summit in Kazan in October, Reuters reported. This development could signal a move towards reducing dependence on the US dollar.

“We propose to create a new BRICS investment platform,” Putin said, speaking at the plenary session of the BRICS summit.

“We need to work together to promote a low-emissions economic model. A new global investment platform of BRICS to provide financial resources to all countries of the Global South,” the Russian President added, as quoted by Reuters.

Currently, the BRICS have two financial platforms: the New Development Bank, headquartered in Shanghai, and the Contingent Reserve Mechanism.

The New Development Bank will mobilize resources for infrastructure and sustainable development projects in the BRICS and other emerging and developing economies to complement existing efforts by multilateral and regional financial institutions for global growth and development.

The Contingency Fund provides short-term liquidity support to BRICS members through currency swaps to help mitigate a balance of payments crisis should such a situation arise and thus further strengthen financial stability.

The BRICS grouping consists of five main members – Brazil, Russia, India, China and South Africa – and admitted Egypt, Iran, the UAE, Saudi Arabia and Ethiopia as full members in 2024. (ANI)

This report is automatically generated by ANI News Service. ThePrint is not responsible for its content.