The President-elect of the United States (U.S.), Donald Trump, has issued a stern warning to BRICS countries regarding any attempts to undermine the dominance of the U.S. dollar in global trade.
In a tweet shared on his X handle on Sunday, December 1, 2024, Trump emphasized that the U.S. will not tolerate moves by BRICS nations to create a new currency or support any alternative that challenges 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 noted.
He further demanded a firm commitment from BRICS nations to abandon plans for a new currency or face severe economic consequences.
“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,” Trump warned.
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Trump underscored the significance of the dollar in international trade, asserting that any attempts to replace it would isolate the offending countries from the American market.
“There is no chance that the BRICS will replace the U.S. Dollar in international trade, and any country that tries should wave goodbye to America,” he added.
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Trump’s statement comes just after BRICS (an acronym for the founding states—Brazil, Russia, India, and China) held its first summit that ran from October 22-24, 2024, in Kazan, Russia, following the group’s expansion on January 1, 2024, with more than 30 delegations, 22 heads of state, and several representatives of international organizations, including United Nations (UN) Secretary-General António Guterres, attending. The summit also saw, for the first time, Uganda attend on an invite and join, and a NATO member, Turkey, also attended the summit and applied to join BRICS.
Trump’s statement reinforces his commitment to safeguarding the U.S. economy and maintaining the dollar’s global supremacy as his administration prepares to take office.
