Sun Dec 01 13:16:36 UTC 2024: ## Trump Threatens 100% Tariffs on BRICS Nations Challenging US Dollar Dominance

**Washington D.C.** – President-elect Donald Trump issued a stark warning to BRICS nations on Saturday, threatening to impose 100 percent tariffs on any country attempting to diminish the US dollar’s global dominance. In a post on Truth Social, Trump demanded that the BRICS alliance – comprising Brazil, Russia, India, China, South Africa, and several new members – abandon efforts to create alternative currencies or trading mechanisms.

Trump’s statement directly targets recent discussions within BRICS regarding reducing reliance on the US dollar, spurred in part by concerns over its use as a geopolitical tool. Russian President Vladimir Putin, this year’s BRICS summit host, voiced the need for alternatives to protect economies from US sanctions. While BRICS members explore options such as increased use of national currencies and alternative payment systems, the feasibility of a unified currency or complete bypass of the US dollar-dominated financial system remains debated.

Experts like Marina Moreno of Observa China highlight the significant challenges in harmonizing monetary policies among BRICS nations with diverse economies, citing the European Union’s 34-year journey to a common currency as an example. While a complete dethroning of the dollar is unlikely in the near term, Moreno notes that the development of alternative payment systems, such as China’s Cross-border Interbank Payment System (CIPS), poses a threat to US financial hegemony. CIPS, already utilized by Russia following its exclusion from SWIFT, serves as a compelling example of this emerging challenge.

Despite Trump’s aggressive rhetoric, Moreno expresses skepticism about the likelihood of him enacting the threatened tariffs, citing the lack of concrete progress within BRICS on creating a unified alternative. However, she acknowledges the symbolic weight of Trump’s statement, potentially signaling a more assertive US monetary policy towards countries seeking economic independence. The situation remains highly volatile, with the potential for significant ramifications on global trade and finance.

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