US President Donald Trump reiterated his threat of imposing 100% tariffs on BRICS nations if they try to replace the US Dollar with a new currency in international trade. 'The idea that the BRICS countries are trying to move away from the dollar, while we stand by and watch, is OVER,' Trump said on Thursday in a post on Truth Social, a social media platform owned by him. 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 US dollar or, they will face 100% tariffs, and should expect to say goodbye to selling into the wonderful US economy, he said. BRICS is an intergovernmental organisation of ten countries --Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates. There is no chance that BRICS will replace the US dollar in international trade, or anywhere else, and any country that tries should say hello to tariffs, and goodbye to America!, Trump added. The US Dollar Index (DXY) climbed above 108 mark in reaction to Trump statement.
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