The statement comes after a BRICS summit held last month in Kazan, Russia, where the countries discussed boosting non-dollar transactions and strengthening local currencies.
Trump threatened to impose a 100 percent tariff on the BRICS group nations if they undercut the US dollar. / Photo: AP
"We require a commitment that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar or, they will face 100 percent Tariffs," Trump wrote on his Truth Social website on Monday, referring to the grouping that includes Brazil, Russia, India, China, South Africa and others.
At the Kazan summit in October, Moscow secured a joint declaration encouraging the"strengthening of correspondent banking networks within BRICS and enabling settlements in local currencies in line with BRICS Cross-Border Payments Initiative." "As for SWIFT and any alternatives, we have not created and are not creating any alternatives," Putin told reporters at the end of the summit.Trump has vowed to pursue a protectionist agenda, threatening hefty tariffs on neighbours and rivals.
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