Egypt Daily News – US President Donald Trump sent a message to the countries of the world in general and the countries of “BRICS” in particular, that any attempt to replace the US dollar will face huge customs tariffs that would exclude them from the American markets.
Trump indicated in a post on the “Truth” platform he owns that he will demand the states of the “BRICS” group not to create a new unified currency, or to support any other currency to replace the dollar, “otherwise it risks a 100% tariffs.”
He continued: “These countries must say goodbye to the wonderful American economy, they can go to search for another country.”
Trump expanded the threat fan to affect any country trying to do so, saying: “There is no chance for the BRICS group to replace the US dollar in international trade, or anywhere else, and any country trying to do so, it has to say welcome customs duties, and to farewell to America!” .
Trump’s imposition of 100% fees on the imports of any country would double the cost of its products in the American market, which falls with its competitiveness compared to local products or even those imported from other countries that are not subject to customs duties.
Precedent
This is not the first time that Trump caused his threats to the BRICS countries. Last December, the US President reiterated the same statements, to accelerate some members of the group, which included Brazil, Russia, India, China and South Africa before its expansion, to Trump.
South Africa issued an official statement at the time confirming that there was no intention to create a common currency, while Indian Foreign Minister Supramaniam Gaishkar stressed that the blocs “do not in any way seek to weaken the US dollar.”
The “BRRICS” group includes the founding members, Egypt, Iran, the UAE, Ethiopia and Indonesia. The group called for reforms in the global financial system, but it did not reach the point of agreeing to adopt a new currency.
Trump pledged during his campaign that he would make it expensive for countries to move away from the dollar. He threatened to use customs duties to ensure compliance. He previously stressed his desire for the dollar to remain the backup of the world, saying in an interview with “CNBC” in March that “the countries will not be allowed to abandon the dollar” because that will be “a blow to our country.”
