Former President Donald Trump, who is set to become the next U.S. President, recently spoke about the BRICS countries and their plan to possibly stop using the U.S. dollar. The BRICS group consists of Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates. It was created to open up investment opportunities among these countries.
Trump told BRICS nations that if they plan to create their own currency or use another currency instead of the U.S. dollar, they should think again. He said, “Go find another sucker!” He emphasized that there’s no way the BRICS countries could replace the dollar in international trade. He warned that if they try, they would face 100% tariffs, which means they would pay double the taxes on goods they try to sell in the U.S.
At a recent BRICS summit in South Africa, leaders discussed the idea of a new shared currency, especially suggested by Brazil’s President, Luiz Inacio Lula de Silva. However, India, a significant member of BRICS, disagrees with moving away from the dollar.
India’s External Affairs Minister, S. Jaishankar, said that India is not targeting the dollar or looking to replace it. He explained that their trade sometimes faces challenges because some partners do not have dollars ready to use. So, they are finding ways to continue trading without causing trouble or intentionally ignoring the dollar.