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FRANK26: "ALL THAT ABUSE THE USD... ARE YOU LISTENING?".......F26
Trump warns BRICS against replacing dollar with other currencies
11/30/2024
US President-elect Donald Trump threatened to impose 100 percent customs duties on BRICS countries if they undermine the US dollar.
“We are asking for a commitment... that they will not create a BRICS currency, nor support any other currency to replace the great US dollar, or face 100% tariffs,” Trump wrote on his Truth Social social media platform, referring to the group of countries that includes Brazil, Russia, India, China, South Africa and others.
"They need to find another idiot," Trump added. "BRICS cannot replace the dollar in world trade, and any country that tries will have to say goodbye to the US market."
The statement comes after last month's BRICS summit in Kazan, Russia, where member states discussed boosting transactions in non-dollar currencies and strengthening local currencies.
BRICS has expanded since its inception in 2009, and now includes countries such as Iran, Egypt and the UAE. The BRICS alliance represents a minority of the world’s economic output.
At the Kazan summit, Moscow included a joint declaration encouraging “strengthening correspondent banking networks within BRICS countries and enabling payments in local currencies.”
But at the end of the summit, Russian President Vladimir Putin noted that little progress had been made in launching a potential competitor to the Belgium-based international SWIFT system.
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