President Trump Issues Warning To BRICS Countries

President Trump announced Saturday he would impose a 100% tariff on BRICS countries if they create a new currency or back another currency other than the U.S. Dollar.

“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. 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,” Trump said.

“They can go find another ‘sucker!’ There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America,” he added.

Trumps has threatened 100% tariffs on BRICS countries if they try to adopt a new currency to replace the U.S. dollar. pic.twitter.com/BWuMv8gtro

— Ben Swann (@BenSwann_) November 30, 2024

A closer look:

“BRICS is an intergovernmental organization comprising nine countries – Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates. BRICS was originally identified to highlight investment opportunities,” Wikipedia states.

The 2024 BRICS Summit occurred in Kazan, Russia, from October 22 to 24.

The event included the five namesake countries (Brazil, Russia, India, China, and South Africa) and the first meeting for new members: Egypt, Ethiopia, Iran, and the United Arab Emirates.

From The New York Times:

BRICS now includes countries representing almost half the world’s population and more than 35 percent of global economic output, adjusted by purchasing power.

The conference is intended to present a hefty showcase of economic might but also entice new countries into a coalition Russia hopes to build that would form a new world order not dominated by the West.

“This summit is about Putin punching back,” said Alexander Gabuev, director of the Carnegie Russia Eurasia Center in Berlin. Mr. Putin presents his country’s war in Ukraine as “the spearhead of destroying the old world order and helping to build a new one,” Mr. Gabuev said.

“And BRICs is the most potent and representative structure of this new world order,” he added.

That was a message Mr. Putin emphasized at a meeting of officials and businessmen last week in Moscow ahead of the summit.

WATCH:

What to expect from the #BRICS2024 Summit in Kazan, Russia

The 16th BRICS summit will take place in Kazan, Russia on October 22-24, marking a significant expansion for the bloc.

Key Highlights:

Expansion: The summit will be the first with the newly admitted… pic.twitter.com/ERLmSjTktm

— John Metzner (@JohnRMetzner) October 21, 2024

There has been widespread speculation that the BRICS nations will attempt to create an alternative currency to replace the U.S. dollar.

BRICS Creates New Payment System, Will Compete Against US Dollar

Per Investing News Network:

The BRICS nations, originally composed of Brazil, Russia, India, China and South Africa, are looking to establish a new reserve currency backed by a basket of their respective currencies.

All eyes were recently on the 2024 BRICS Summit that took place October 22 to 24 in Kazan, Russia. The BRICS nations were widely expected to continue their discussions of creating a potentially gold-backed currency, known as the "Unit," as an alternative to the US dollar.

The potential BRICS currency would allow these nations to assert their economic independence while competing with the existing international financial system. The current system is dominated by the US dollar, which accounts for about 90 percent of all currency trading. Until recently, nearly 100 percent of oil trading was conducted in US dollars; however, in 2023, one-fifth of oil trades were reportedly made using non-US dollar currencies.

Central to this ongoing situation is the US trade war with China, as well as US sanctions on China and Russia. Should the BRICS nations establish a new reserve currency, it would likely significantly impact the US dollar, potentially leading to a decline in demand, or what's known as de-dollarization. In turn, this would have implications for the United States and global economies.

This is a Guest Post from our friends over at 100 Percent Fed Up.

View the original article here.