President-elect Donald Trump threatened 100% tariffs against a bloc of nine nations if they act to undermine the U.S. dollar.
FILE - President-elect Donald Trump speaks during a meeting with the House GOP conference, Nov. 13, 2024, in Washington.
Turkey, Azerbaijan, and Malaysia have applied to become members and several other countries have expressed interest in joining. Trump, in a Truth Social post, said: “We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy."
Russia has specifically pushed for the creation of a new payment system that would offer an alternative to the global bank messaging network, SWIFT, and allow Moscow to dodge Western sanctions and trade with partners.
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