Trump Threatens 100% Tariffs on BRICS Nations Over Dollar Rivalry

Former US President Donald Trump has escalated concerns about a potential shift in global economic dynamics by threatening 100% tariffs on BRICS nations if they undermine the US dollar in international trade. The warning follows the October BRICS summit in Kazan, Russia, where leaders discussed boosting non-dollar transactions and strengthening local currencies.

In a statement, Trump criticized any move toward de-dollarization, asserting that nations attempting such policies would face severe economic repercussions. Trump, who has previously denounced India, Brazil, and China for their tariff policies, emphasized the importance of reciprocity in US trade relations.

While Russia has indicated that no viable alternative to the SWIFT financial messaging system exists, India's Foreign Minister S. Jaishankar clarified that de-dollarization is not a part of India's economic or strategic policy, despite exploring workarounds in specific trade scenarios.

The former president’s stance signals the possibility of a renewed tariff war, particularly as he aims to prioritize US economic interests and re-establish its global financial dominance.