November 30, 2024

President-elect Donald Trump on Saturday demanded a group of developing countries commitment to the use of the U.S. dollar as their reserve currency and threatened to impose a 100 percent tariff if they attempt to abandon it.

“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER,” Trump wrote on his social media platform Truth Social, referring to the acronym for the original croup of countries in the bloc — Brazil, Russia, India, China and South Africa. The geopolitical alliance has since expanded to include Iran, Eqypt, Ethiopia and the United Arab Emirates.

“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.”

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