Trump has threatened the BRICS countries with 100 percent tariffs if they try to replace the dollar
Us President-elect Donald Trump on Saturday threatened to impose tariffs of up to 100 per cent on the BRICS countries if they tried to undermine the dominance of the dollar. Some BRICS countries are now considering moving away from dependence on the dollar in international trade.
China and Russia are members of the BRICS group of nations, along with Brazil, India, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates.
Leading politicians in Brazil and Russia have suggested creating a BRICS currency to reduce the dominance of the US dollar in global trade. But internal divisions have slowed progress.
Trump, who takes office on January 20, has repeatedly threatened to raise tariffs on countries, sparking fears of a full-blown trade war that could hit global economic growth.
Trump has long stressed that he wants the dollar to remain the global reserve currency. In an interview with CNBC in March, he said he would not allow countries to abandon the dollar because it would be "a blow to our country."
China and Russia are members of the BRICS group of nations, along with Brazil, India, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates.
Leading politicians in Brazil and Russia have suggested creating a BRICS currency to reduce the dominance of the US dollar in global trade. But internal divisions have slowed progress.
Trump, who takes office on January 20, has repeatedly threatened to raise tariffs on countries, sparking fears of a full-blown trade war that could hit global economic growth.
Trump has long stressed that he wants the dollar to remain the global reserve currency. In an interview with CNBC in March, he said he would not allow countries to abandon the dollar because it would be "a blow to our country."
