De-dollarisation: President Trump threatens BRICS with 100% tariffs

President Donald Trump strongly opposed the de-dollarisation efforts of BRICS nations on Friday, warning them of 100% tariffs on their exports if they attempt to replace the US dollar as the primary currency in global trade. Trump reiterated his stance that the US dollar must remain dominant in international trade or face severe economic consequences.

This latest warning mirrors a similar statement made by Trump on November 30, shortly after his victory in the 2024 election. In a post, Trump declared, “The idea that the BRICS countries are trying to move away from the dollar, while we stand by and watch, is OVER.” He went on to demand that BRICS nations commit to not creating a new currency or supporting any alternatives to the US dollar, threatening them with tariffs and exclusion from the US economy.

The BRICS bloc, which includes Brazil, Russia, India, China, and South Africa, has been exploring ways to reduce its reliance on the US dollar, with member countries promoting trade in their local currencies. Russia has been a vocal proponent of de-dollarisation, a movement that gained momentum at the 2024 BRICS foreign ministers’ meeting in Russia. Despite these efforts, the US dollar remains the world’s dominant reserve currency, and Trump is determined to preserve that status.