Trump reasserts towering 100% tariff threat against BRICS countries

In an apparent bid to preserve the U.S. dollar’s global economic dominance, President Donald Trump reiterated his 100% tariff threat against BRICS nations.

The president is demanding that the countries commit to not form a BRICS currency or endorse a currency to supplant U.S. dollar hegemony.

“The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER,”  Trump warned in a Truth Social post on Thursday.

TRUMP WARNS BRICS COUNTRIES IF THEY TRY TO REPLACE DOLLAR: ‘100% TARIFFS’

BRICS is an acronym that refers to the nations of Brazil, Russia, India, China, and South Africa, though the bloc also includes several other countries as well.

“We are going to require a commitment from these seemingly hostile 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 continued

“They can go find another sucker Nation. There is no chance that BRICS will replace the U.S. Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!” he concluded.

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Trump, who just took office again last week, had issued a nearly identical threat on social media in November.

Euro Pacific Asset Managment chief economist and global strategist Peter Schiff, who discusses economic and political topics on his eponymous podast “The Peter Schiff Show,” pushed back against Trump’s comment last year.

“You have the relationship backwards. The BRICS nations are the suckers for accepting our fiat currency for their real consumer goods. We get actual products that make our lives better, that we lack the capacity to produce ourselves. All they get in return is our inflation,” Schiff tweeted in December in response to Trump’s November post threatening BRICS countries.

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Egypt, Ethiopia, Iran, the United Arab Emirates, and Indonesia, are also members of the bloc, according to Reuters.

Brazil, which holds the BRICS presidency this year, has suggested that Saudi Arabia is a BRICS member, but Saudi Minister of Economy and Planning Faisal Alibrahim recently told Bloomberg Television that while the nation has been invited into BRICS, it is assessing before making a decision.