President-elect Donald Trump warned BRICS countries against any move to replace the US dollar and has sought a commitment from the nine-member group that includes India, Russia, China, and Brazil. BRICS, formed in 2009, is the only major international group of which the United States is not a part. Its other members are South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates. Over the past few years a few of its member countries, in particular Russia and China, are seeking an alternative to the US Dollar or create own BRICS currency. India has so far not been part of the move.
Trump warned BRICS nations against such a move. âThe idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER,â the president-elect said in a post on Truth Social, a platform owned by him.
âWe 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,â Trump warned. âThey can go find another ‘sucker!’ There is no chance that the BRICS will replace the US Dollar in International Trade, and any Country that tries should wave goodbye to America,â he said. At the 2023 summit in South Africa, BRICS countries committed to study the feasibility of a new common currency. A proposal in this regard was made by the Brazilian President Luiz Inacio Lula de Silva.