Trump warns BRICS countries against using their currencies instead of the US dollar

 Friday, January 31, 2025

Islamabad (News / Pakistan Point News - 11th Jan, 2025 ) President Trump said in a statement posted on his social media platform 'Truth' on Thursday, "We are apparently going to get a promise from the opposing countries that they will neither create a new BRICS currency nor support any other currency that tries to replace the powerful US dollar, if they do not do so, they will face 100 percent tariffs.

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Russia had said some time ago that forcing other countries to use the dollar by the US could backfire.

The BRICS group consists of Brazil, Russia, India, China, and South Africa and a few other countries, which have joined it in the past few years.

The group does not have a common currency, but discussions on this topic have been going on for a long time. And the issue has accelerated after Western countries imposed sanctions on Russia over the war in Ukraine.

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"There is no way that the so-called BRICS currency will replace the US dollar in international trade, or anywhere else," Trump said.

But if anyone tries to do that, they will have to say hello to US tariffs and goodbye to America."

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Trump announced that he would impose 25% tariffs on Canada and Mexico on February 1, before warning the BRICS countries.

US President Donald Trump repeated his threat to impose 25% tariffs on Canada and Mexico on Saturday, but left open the possibility of exempting oil imports.

Speaking to reporters at the White House on Thursday, Trump said he "may or may not be able to remove oil from the tariffs tonight."

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"We're probably going to make this decision on oil tonight," Trump said. "Because they send us oil. We'll see, it depends on what the price is."

"Trump said the US would be able to make up for any shortfall in imports "very quickly." "We don't need their products. We have all the oil you need."

A study last year by the Atlantic Council's Geoeconomics Center found that the US dollar has become the world's primary reserve currency.

And neither the euro nor the currencies of the so-called BRICS countries have been able to reduce global reliance on the dollar.

Meanwhile, Canada and Mexico have announced they will respond to US tariffs but have assured Washington that they are ready to address its concerns about border security.