President Donald Trump is warning a coalition of countries to find “another sucker nation” if they opt to move away from the U.S. dollar.
The major countries in BRICS—Brazil, Russia, India, China, and South Africa—continue to use the U.S. dollar as a reserve currency and for international trade, ensuring the U.S.’s financial dominance on the world stage. But on Thursday night, despite the nation reeling from a tragic plane crash in Washington, Trump took to social media to threaten that arrangement, promising that the 10-country coalition (which includes some of America’s biggest trading partners) would face “100 percent tariffs” if they created a new BRICS currency to replace the dollar.
“The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER,” Trump posted on Truth Social. “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.”
“They can go find another sucker Nation,” he continued. “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!”
In a statement to Newsweek, South Africa’s Department of International Relations and Cooperation highlighted that they held the largest economy in Africa, while three other member states—China, India, and Brazil—are among the top 10 countries in the world by population, area, and GDP. The department also emphasized the fact that the major BRICS nations are members of the G20, alongside the United States, and continue to invest billions of American dollars into international projects.
“BRICS leaders have called for a reformed international financial system to facilitate trade in local currencies,” the department said. “However, BRICS is not discussing the creation of a common BRICS currency.”
“Instead, South Africa supports the increased use of national currencies in international trade and financial transactions to mitigate the impact of foreign exchange fluctuations, rather than focusing on de-dollarisation.”
“The strengthening of correspondent banking networks and the development of infrastructure for settlements in national currencies could further this aim,” they continued. “Enhancing BRICS payment systems to accommodate trading in local currencies does not imply de-dollarisation.”
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