On Saturday, U.S. President-elect Donald J. Trump threatened to impose 100% tariffs on nine countries should they attempt to create a rival currency to the U.S Dollar.
“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER,” Trump wrote in a social media post.
The “BRICS” alliance consists of China and Russia, as well as Brazil, India, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates.
“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 continued in his social media post.
