WASHINGTON: US President Donald Trump has threatened to impose heavy tariffs on BRICS nations if they move forward with plans to create a new currency in competition with the US dollar. Speaking at a Republican Governors Association meeting, Trump stated that BRICS countries, including Brazil, Russia, China, India, Iran, and the United Arab Emirates, are attempting to undermine the US dollar by using the Chinese yuan as a potential replacement.
Trump warned that these nations could face tariffs as high as 150% if they proceed with efforts to destabilize the US dollar. He also emphasized that unlike his predecessor, Joe Biden, who claimed there was little that could be done, his administration would take strong action to protect the dollar.
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The BRICS alliance is composed of ten countries, including Brazil, Russia, China, India, Iran, and the UAE. The ongoing dispute highlights rising tensions over global financial systems and the future role of the US dollar in international trade.
