December 1, 2024: Former U.S. President Donald Trump has issued a stern warning to BRICS countries, including India, China, and Russia, over their attempts to reduce reliance on the U.S. dollar for international trade. In a fiery online post, Trump threatened to impose a 100% tariff on these nations if they continue to move away from the dollar or create an alternative currency.
Trump’s Stance on the Dollar’s Dominance
Trump’s remarks come in response to discussions held at the BRICS summit in Kazan, Russia, in October. The summit saw member nations—Brazil, Russia, India, China, South Africa, along with new members Egypt, Iran, and the UAE—exploring ways to strengthen local currencies and reduce dependence on the dollar in cross-border transactions.
“The idea that BRICS countries are trying to move away from the dollar while we stand by and watch is OVER,” Trump declared. “Any country that tries to replace the mighty U.S. Dollar in international trade should wave goodbye to America.” He further added, “They can go find another sucker!”
BRICS and the Push for De-Dollarization
At the October summit, the BRICS nations secured a joint declaration aimed at bolstering settlements in local currencies and creating robust banking networks within the bloc. However, Russian President Vladimir Putin admitted no viable alternative to the SWIFT financial messaging system has been finalized yet.
India, for its part, has stated it is not pursuing de-dollarization as part of its economic or strategic policy. External Affairs Minister S. Jaishankar emphasized that while the country may explore alternatives when necessary, the dollar remains a cornerstone of global trade for India.
Trump’s Tariff Threats and India’s Role
Trump has long been critical of what he perceives as unfair trade practices by India, China, and Brazil. During his 2025 economic policy outline, he underscored the importance of “reciprocity” in trade, calling out India for its high tariffs.
“India charges the highest tariffs, but they do it with a smile. They say thank you so much for purchasing from India,” Trump remarked sarcastically during a speech at the Detroit Economic Club. Despite his criticism, he has praised Indian Prime Minister Narendra Modi and the strong ties between the two nations.
Implications of Trump’s Stance
Trump’s aggressive rhetoric suggests the possibility of a renewed trade war, with BRICS countries potentially being a focal point. Should the former president pursue his tariff plans if reelected, it could significantly strain U.S. relations with major economies like India and China while disrupting global trade dynamics.
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