Peter Navarro talks about tariffs on FOX Business Network.
President-elect Trump on Saturday threatened “100% tariffs” on the bloc of countries known as BRICS – Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates – if they try to replace or move away from the US dollar.
“The idea that the BRICS countries are trying to move away from the dollar while we stand by and watch is over,” Trump tweeted on Truth Social on Saturday afternoon.
He continued: “We are demanding commitments from these countries that they will neither create a new BRICS currency nor support any other currency to replace the mighty US dollar, or they will face 100% tariffs and face a goodbye with sales to the wonderful US economy.’
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President-elect Trump on Saturday warned the bloc of countries known as the BRICS — Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates — if they try to replace or move away from the U.S. dollar. (Alison Robbert/Pool via AP, File/AP Newsroom)
“They can go find another ‘shit!’ There is no chance that BRICS will replace the US dollar in international trade, and any country that tries should wave America goodbye,” he wrote.
After the U.S. imposed crippling sanctions on Russia over its 2022 invasion of Ukraine, the group of countries has increasingly discussed the possibility of relying less on the dollar, Politico reports.
Replacing the dollar has been a goal of the BRICS group for years, but has previously been thwarted by infighting between the various countries.
After the US imposed crippling sanctions on Russia over its 2022 invasion of Ukraine, the group of countries has increasingly discussed the possibility of less reliance on the dollar. (Getty Images/Getty Images)
The US dollar is the most commonly used currency in the global economy.
Trump has also threatened Mexico and Canada with 25% tariffs on illegal immigration and the flow of illegal drugs across the US’s northern and southern borders.
Trump said he had a “very productive” conversation with Canadian Prime Minister Justin Trudeau. (Dan Kitwood/Getty Images)
After that, he spoke with Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau.
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Scheinbaum said she believes the tariff war is preventable, and Trump called his conversation with Trudeau “very productive” but none of the leaders clarified whether any decision on tariffs had been made.
