Trump threatens 100% tariffs against BRICS countries over new currency

Investing.com-- U.S. President-elect Donald Trump on Saturday threatened to impose steep tariffs on the BRICS group of countries over their attempts to create a new currency to replace the dollar.

Trump said in a social media post that the U.S. will seek commitments to the dollar from the bloc that they will not create a new BRICS currency, nor back any other currencies to replace the dollar. 

“There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America,” Trump said. He threatened to impose “100% tariffs” on the bloc. 

The bloc consists of Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates. It has consistently called for a new global reserve currency, and had recently unveiled a common currency for trade between its member countries.

Trump has vowed to take up a largely protectionist stance towards trade, and has vowed to impose a blanket 10% tariff on all imports to the U.S. He had also recently threatened increased tariffs against China, Canada and Mexico.