Trump threatens BRICS against replacing dollar

US President Donald Trump

President Donald Trump on Thursday warned off BRICS member countries from replacing the US dollar as a reserve currency by repeating a 100%-tariffs threat he had made weeks after winning the November presidential elections, Reuters reported.

"We are going to require a commitment from these seemingly hostile 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," Trump said on Truth Social in a statement nearly identical to one he posted on Nov. 30.

"There is no chance that BRICS will replace the US dollar in international trade, or anywhere else, and any Country that tries should say hello to tariffs, and goodbye to America!," he said.

So far, BRICS countries — including Brazil, Russia, India, China, and the UAE— do not have a common currency. However, the idea has been under discussion, particularly following Western sanctions imposed on Moscow due to the Ukraine war.