Trump threatens 100% tariffs on BRICS member states

US President-elect Donald Trump has threatened to impose tariffs of up to 100 per cent on BRICS member states.

“The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. 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 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!” 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,” Caliber.Az reports, citing Trump's message in Truth Social. 

On September 26 Russian President Vladimir Putin stated that Russia's partners are interested in switching to national currencies for export transactions.

He noted that the share of the rouble in Russia's foreign trade settlements is approaching 40 per cent, while Russia is working with BRICS member states to create its own payment system to independently service foreign trade.

While speaking at the plenary session of the Valdai Discussion Club on November 7, the Russian president noted that it is too early to talk about a common BRICS currency, as the member countries have no such goal at the moment.  

Putin explained that before discussions about a new currency can begin, it is necessary to achieve greater integration of the economies, and to raise the quality of the economies to a certain level, so that they are very similar and compatible in terms of quality and structure.

By Naila Huseynova