Former President Donald Trump on the ballot in November against Kamala Harris spoke about the BRICS de-dollarization agenda. Trump minced no words during the economic forum saying that countries that stop using the US dollar for trade will face severe consequences.
Also Read: BRICS Settle 65% Trade in Local Currencies & Not the US Dollar
The consequences include facing a 100% tariff on all goods that enter the US. The move will force the BRICS alliance to abandon the de-dollarization prospects and use the US dollar for payments as that’s the cheaper offer. Ending reliance on the US dollar would add a 100% tariff that would prove to be a costly method to do business.
Also Read: BRICS Advances ‘Multicurrency System’ To Break US Dollar Dominance
“If a country tells me, Sir we like you very much but we’re no longer adhering to the US dollar being an individual reserve currency not use it anymore, I’ll say that’s okay. You will pay a 100% tariff on everything you sell in the US. We love your product, I hope you sell a lot of it into the US but you’ll have to pay 100% tax,” explained Trump on tackling BRICS de-dollarization.
Trump revealed that the BRICS alliance will no longer think of de-dollarization if the 100% tariff policy is implemented. “Sir, it would be an honor to stay with the reserve currency. You don’t other people that can talk that way,” he said.
Also Read: North American Countries Start Applying For BRICS Membership
BRICS: Donald Trump Takes on De-Dollarization
Presidential candidate Donald Trump is serious about denting the BRICS de-dollarization agenda. The bloc initiated the process of using local currencies for trade after the US pressed sanctions on Russia in 2022. Both Russia and China spearheaded the campaign convincing other developing countries to settle trade in national currencies.
Trump could derail the BRICS de-dollarization agenda with the 100% trade tariff rules. However, we will have to wait and watch if he gets elected to office in November.
