Trump Threatens Punitive Tariffs Against BRICS Over De-Dollarization Plans

[Social Media]

 

In a bold statement on Truth Social, President-elect Donald Trump has vowed to impose a 100% tariff on BRICS countries if they pursue plans to reduce reliance on the U.S. dollar in global trade. Trump’s remarks reflect a staunch defense of the dollar’s dominance in international markets and a warning to nations considering alternatives.  

 

“The idea that the BRICS countries are trying to move away from the Dollar while we stand by and watch is OVER,” Trump declared. He emphasized that the U.S. would demand a clear commitment from BRICS members to refrain from creating or supporting any currency intended to replace the U.S. dollar. “They will face 100% tariffs and should expect to say goodbye to selling into the wonderful U.S. Economy,” Trump wrote, adding, “They can go find another ‘sucker!’”  

 

The BRICS alliance—comprising Brazil, Russia, India, China, and South Africa—was formed to enhance economic cooperation among major non-Western economies. Since its first official summit in 2009, the group has focused on challenging the dominance of Western financial systems. At the 2023 summit, the alliance expanded, adding Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.  

 

The issue of "de-dollarization," a key topic at the recent summit, seeks to reduce the U.S. dollar’s influence in international trade. While the idea has gained traction, experts remain skeptical about its feasibility. Analysts cite significant challenges within BRICS, including infighting among members and stark differences in their economic policies and financial systems.  

 

Trump dismissed the possibility of the BRICS countries succeeding in replacing the dollar in international trade, warning any nation attempting such a move to "wave goodbye to America." His remarks underscore the U.S.’s strategic interest in maintaining the dollar’s central role in global financial systems, a position that has provided Washington with significant economic and geopolitical leverage for decades.  

 

Representatives for the BRICS countries have not responded to Trump’s comments, but the group’s plans to explore alternatives to the dollar continue to generate debate. Despite internal challenges, the expanding coalition signals a growing push among non-Western nations to redefine global trade dynamics, a development that the incoming U.S. administration appears determined to counter.  

 

Trump’s threat to impose sweeping tariffs is a clear message that his administration views any move to undermine the dollar as a direct challenge to American economic dominance. As the world watches the unfolding dynamics between the U.S. and BRICS, the stakes for international trade and diplomacy continue to rise.

 

Based on a report by NBC News 2024-12-02

 

 

 

[Paul Henry]

More BS from the "BULLY BOY". Like the Mexico and Canada fiasco. Trumps lack of negotiating skills will only push more countries into actions like the BRICS alliance.I  Wonder if Thaibeachlover and Frank83628 have caught up with the facts yet about Trump once again being put down by a woman and a Latino at that. Still waiting for them to admit that like Trump they were wrong. But MAGA is never wrong!

[dinsdale]

BRICS will never have a single currency. The US dollar will remain the global currency leader. This is Trump yet again wielding the stick. The US dollar is an essential element of sanctions. India pays Russia in Rupees for the oil and gas it buys. Worthless in comparison to the US dollar.

[spidermike007]

Trump is such a thoughtless goofball, and will be a poor leader. I would like to see how they are going to survive without Saudi oil, and without all the manufacturing that's done in China by American companies. Much time needs to be given to American companies who have invested billions in manufacturing overseas, to retool and relocate. There are a dozen good reasons why this production left America to begin with. As usual with Trump, none of those issues have been addressed. Even Trump makes many of his products in China. 

 

This is just a pipe dream on the part of a spectacularly ignorant man, who is proposing to impose a huge tax hike on the American people, in the form of very dumb and reckless tariffs.

 

All the knee-jerk "I love it" comments are from people who have not thought this thing through.

[RichardColeman]

Does aseannow ever publish stories that are NOT from left leaning media outlets ? 

 

That said , even though I would support Trump in most things, the dollar is kept high due to the sill $ regime and that needs to change

[LosLobo]

4 hours ago, Social Media said:

“The idea that the BRICS countries are trying to move away from the Dollar while we stand by and watch is OVER,” Trump declared.

Unless you want to buy into some of my sponsored crypto of course!

Bitcoin flirts with $100k as crypto industry rallies for Trump

Or devalue the dollar to improve trade.

Trump trade advisers plot dollar devaluation - POLITICO

[Srikcir]

5 hours ago, Social Media said:

impose a 100% tariff on BRICS countries

Trump threatens to raise cost of US imports 100% from nine BRIC members states representing over US$28.5 trillion or about 28% of the global economy. And consequently thirteen new nations recently added to the alliance as partner countries – Algeria, Belarus, Bolivia, Cuba, Kazakhstan, Nigeria, Turkey, Uganda and Uzbekistan. 

Ironically, Trump's "tariffs" (plus higher sales tax where applicable) added to American consumer products will substantially increase US inflation, devaluing the USD.

Trump shoots average Americans in their "economic foot" while actually strengthening BRIC objectives.

[harryviking]

BRICS  is a joke! Just look at who they are and speak no more!

[john donson]

well, that is why there should be a BRICS in the first place... why is oil only trades in USD?  stop the madness

[Srikcir]

24 minutes ago, harryviking said:

BRICS  is a joke! Just look at who they are and speak no more!

UAE and South Africa are BRIC partners.  Not a joke.

[Walker88]

Will he appoint Mr Smoot or Mr Hawley as US Trade Rep? Trade wars worked so well in the 1930s, right?

 

What did Teddy Roosevelt NOT say? Speak loudly but carry a small (nickname for Richard)?

 

During the 2016 campaign, he said (on CNBC Squawk Box) that he would consider defaulting on US Treasuries owned by foreigners. Hopefully he doesn't mouth off like that again, as foreign governments still own 25% of all US Treasury debt, and are required buyers in UST auctions. Absent them and rates soar.

 

What's that I smell????? Tariffs to juice inflation and higher rates to squelch growth. Stagflation?

 

All of his faux bully talk---tariffs, NATO, etc.--- suggests he thinks it's still September 1945, and the rest of the world is in shambles, while the US is relatively untouched by the just-ended war. The ongoing US global dominance is a function of two things primarily: rule of law and robust and massive capital markets. I have no doubt 47 can do egregious harm to both. A guy who can bankrupt 5 casinos, where folks line up to lose money to you, is probably not competent enough to deftly maneuver on the global stage.

[spidermike007]

Trump is clumsy, and clutsy, and possesses a very mediocre intellect, and is totally incapable of making the smallest decisions without ideological considerations. That is just one more thing that makes him a very dangerous man. Most people just don't realize how disruptive and destructive these tariffs could be, to the US economy.

 

They are a massive tax hike on the lower and middle class. Granted this could be one way to finally get the super rich and Trump, to start paying some taxes, but it's a pretty inefficient way to do it. 

Edited 17 hours ago by spidermike007

[gearbox]

"Selling into the wonderful US economy..."  The Chinese market is far bigger. Xi is going to whip him like a rented mule. The Chinese supply chains are currently strengthening, not weakening.

[248900_1469958220]

3 hours ago, RichardColeman said:

Does aseannow ever publish stories that are NOT from left leaning media outlets ? 

 

That said , even though I would support Trump in most things, the dollar is kept high due to the sill $ regime and that needs to change

There is a definite soy boy left leaning bias on this forum. whenever I click on this site I smell a sugary 'Vitasoy' kind of smell. I think their wives boyfriends supply them with the stuff.

Edited 16 hours ago by 248900_1469958220

[MalcolmB]

3 hours ago, spidermike007 said:

This is just a pipe dream on the part of a spectacularly ignorant man, who is proposing to impose a huge tax hike on the American people, in the form of very dumb and reckless tariffs.

I doubt if he is really that dumb.

 

But he knows the American people are, so he does it to be popular, not because it will actually work. 
The days of good policy are over for the USA. It is all about populism, because that is how you win elections in a country with so many low intelligence people who can not understand economics.

[xylophone]

29 minutes ago, MalcolmB said:

I doubt if he is really that dumb.

Well the CEOs of some of the biggest US companies, after having a meeting with him, said that he was and "didn't know what he was talking about".

[Eric Loh]

The process of de-dollarisation is irreversible and gaining pace said Putin. Trump;s threats will just accelerate the process. Trump will meekly move away from those tough guy threats when he see Putin. Putin owned Trump. 

Edited 15 hours ago by metisdead
Intentional misspelling of Trump's name corrected.

[herfiehandbag]

2 hours ago, harryviking said:

BRICS  is a joke! Just look at who they are and speak no more!

They quite possibly are, but the USA under its new "leader" appears determined to overtake them!

[John Drake]

Uh, oh. Thailand.

 

Quote

Thailand Makes a Start to Join BRICS

 17/06/2024 |  5,898 | 

Recently, the BRICS economic bloc, an economic cooperation league that includes Brazil, Russia, India, China, and South Africa, decided to expand its membership and invite non-member countries to attend the 16th BRICS Summit, on 22-24 October 2024 in Kazan, Russian Federation.

 https://thailand.prd.go.th/en/content/category/detail/id/2078/iid/298020

 

 

[FritsSikkink]

4 hours ago, harryviking said:

BRICS  is a joke! Just look at who they are and speak no more!

The USA policies are a joke and will push more countries to BRICS because they are fed up with the USA bullying everybody. If you only understood how much the USA is buying from these countries and that you will pay the price hike for products which the USA can't make.

Edited 13 hours ago by FritsSikkink

[candide]

Countries have the right to make transactions in the currency they want.

 

Having said that there's no way this BRICS alternative currency system will work on short-term, a d Trump knows it. Of course, he will later make the claim that he forced them to halt this project. 😀

[Eric Loh]

32 minutes ago, candide said:

Countries have the right to make transactions in the currency they want.

 

Having said that there's no way this BRICS alternative currency system will work on short-term, a d Trump knows it. Of course, he will later make the claim that he forced them to halt this project. 😀

BRICS member countries have transacting trade in their own currency for years. As more trade are done in their national currencies, there will be less need for central banks to hold the violatile dollar reserves. The share of dollar in central banks reserves has fallen from 80% some years ago to about 55% current. It is likely to fall further to about 30%. The BRICS Clear system of settling trade in national currencies will accelerate the decline. Trump is scared stiff with the impending BRICS Clear. When that is fully operational, BRICS will tell Trump to go fly kite.Trump is a joke to threaten BRICS. 

[CanadaSam]

8 hours ago, harryviking said:

BRICS  is a joke! Just look at who they are and speak no more!

 

I don't know what world you live in, but BRICS comprises the second largest economy in this world, only surpassed by the USA (for now), as many other countries are joining BRICS all the time!

 

In fact, the BRICS economy is already far greater than the entire European Union, with the "Euro" currency, so why should BRICS not have their own currency?

[candide]

1 hour ago, CanadaSam said:

 

I don't know what world you live in, but BRICS comprises the second largest economy in this world, only surpassed by the USA (for now), as many other countries are joining BRICS all the time!

 

In fact, the BRICS economy is already far greater than the entire European Union, with the "Euro" currency, so why should BRICS not have their own currency?

Because BRICS is neither a trade zone nor an alliance! 😀

It's a forum, a club, similar to G7.

[bendejo]

15 hours ago, harryviking said:

BRICS  is a joke! Just look at who they are and speak no more!

 

After the fall of the USSR there was no end of talk in the US, among business people, of the great fortunes to be had by doing business in the former bloc.  I didn't agree, and I didn't buy into the idea that "the Cold War is over."  If I disliked someone I would tell them about the opportunities just waiting in that part of the world -- it was a polite way to say 'eff-off.'  Within a few years no one was talking about those opportunities any more.

Yeah yeah, there is no more USSR and the Cold War is over, but the news from that part of the world sounds a lot like it did in the last half of the 20th century. 

I've spent time in India and Brazil, and in both countries the scale of corruption ranged from the traffic cop to the heights of government.  Sound like any place you know?