President-elect Donald Trump has warned the nine-member BRICS group—which consists of China, Russia, Brazil and India—not to commit to replacing the US dollar.
The only significant international organisation that the US is not a member of is BRICS, which was established in 2009. Ethiopia, Egypt, Iran, South Africa and the United Arab Emirates are among its other members.
Some of its members, especially China and Russia, have been looking for a substitute for the US dollar or developing their own BRICS currency in recent years.
India has not yet joined the initiative. Trump cautioned the BRICS countries against doing so on Saturday.
In a post on his platform, Truth Social, the president-elect said, “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 US Dollar or, they will face 100% Tariffs and should expect to say goodbye to selling into the wonderful US Economy,” Trump warned.
The BRICS nations agreed to look into the viability of a new unified currency at the 2023 summit in South Africa.
Brazilian President Luiz Inacio Lula de Silva presented a proposal in this direction. India, a key BRICS member, has said that it opposes the de-dollarisation.
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