Trump repeats tariffs threat to dissuade BRICS nations from replacing U.S. dollar

Trump warns BRICS against replacing U.S. dollar with tariffs threat, as study shows dollar remains primary reserve currency.

President Donald Trump on Thursday (January 30, 2025) warned off BRICS member countries from replacing the U.S. dollar as a reserve currency by repeating a 100%-tariffs threat he had made weeks after winning the November presidential elections.

“We are going to require a commitment from these seemingly hostile 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,” Mr. Trump said on Truth Social in a statement nearly identical to one he posted on November 30.

At the time, Russia said that any U.S. attempt to compel countries to use the dollar would backfire.

The BRICS grouping includes Brazil, Russia, India, China, and South Africa and a few other countries that joined in the past couple of year. The grouping does not have a common currency, but long-running discussions on the subject have gained some momentum after the West imposed sanctions on Russia over the war in Ukraine.

“There is no chance that BRICS will replace the U.S. Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!” he said.

Mr. Trump posted his warning to the BRICS as Canada and Mexico await his decision to follow through on a pledge to impose 25% tariffs on the United States’ North American trading partner from Feb. 1.

Mr. Trump wants to use tariffs as a tool to get Mexico and Canada to help stem the flow of illegal drugs into the United States, particularly the deadly opioid fentanyl, and migrants crossing illegally into the U.S.