Donald Trump, US President-elect, made an announcement through his social networking site Truth Social stating that tariffs would be levied at 100 percent charge on BRICS nations who turn to move away from the trade interests related to the US dollar.
Trump said that any new BRICS currency being created or the support according to some form of dollar alternative would lead all of those nations to very important and dire economic fallout.
It must be made proud that Pakistan applied to become a member of BRICS last year along with around 29 other countries.
The abstractions by Trump mentioned, “The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER”.
Such nations, according to Trump, would lose access to the economy of the US and, in addition, the US dollar would be irreplaceable in global trading.
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The US dollar in trade will not be replaced, according to Trump’s statement, even with significant trade relationships with BRICS members, including China and India. In 2022, trade trade between the US and China is $758.41 billion, while that of India amounts to $191.87 billion.
For this month, this is the second threat of Trump against tariffs.
Recently, BRICS expanded its membership by Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE. The bloc has in its sights de-dollarization, which reduces the US dollar in global transactions concerning these nations.
The framework now consists of Brazil, Russia, India, China, and South Africa.