US President Trump threatens 100% tariffs on BRICS nations over de-dollarisation efforts
PTC News Desk: US President Donald Trump on his first day of assuming office has threatened 100% tariffs on BRICS nations if they try replacing dollar.
The intergovernmental organisation consisting Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates, has been looking at how to better trade among each other by using local currencies.
The move however did not go well with Donald Trump even when he was not in power. On the first day of assuming office on Monday, he warned Brics against taking a decision that could lead to de-dollarisation’of the global economy.
Trump said, “As a Brics nation, they'll face a 100 per cent tariff if they so much as even think about doing what they thought, and therefore they will give it up immediately.”
“If the Brics nations want to do that, that's okay, but we're going to put at least a 100 per cent tariff on the business they do with the United States. It's not even a threat. In fact, since I made that statement, Biden said they have us over a barrel. I said, No, we have them over a barrel. And there's no way they're going to be able to do that.”
The BRICS nation contributes nearly half of world's population.
- PTC NEWS
