Trump threatens 100% tariff on the BRIC bloc of nations if they act to undermine US dollar
Source: Yahoo! News/AP
Updated Sat, November 30, 2024 at 3:16 PM EST
WEST PALM BEACH, Fla. (AP) — President-elect Donald Trump on Saturday threatened 100% tariffs against a bloc of nine nations if they act to undermine the U.S. dollar. His threat was directed at countries in the so-called BRIC alliance, which consists of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates.
Turkey, Azerbaijan and Malaysia have applied to become members and several other countries have expressed interest in joining. While the U.S. dollar is by far the most-used currency in global business and has survived past challenges to its preeminence, members of the alliance and other developing nations say they are fed up with America’s dominance of the global financial system.
The dollar represents roughly 58% of the world’s foreign exchange reserves, according to the IMF and major commodities like oil are still primarily bought and sold using dollars. The dollar's dominance is threatened, however, with BRICS' growing share of GDP and the alliance's intent to trade in non-dollar currencies — a process known as de-dollarization.
At a summit of BRIC nations in October, Russian President Vladimir Putin accused the U.S. of “weaponizing” the dollar and described it as a “big mistake.” “It’s not us who refuse to use the dollar,” Putin said at the time. “But if they don’t let us work, what can we do? We are forced to search for alternatives.”
Read more: https://www.yahoo.com/news/trump-threatens-100-tariff-bric-190819494.html

no_hypocrisy
(50,945 posts)Trump will "undermine the American dollar" by trying to make the economy dependent upon cryptocurrency instead of U.S. Treasury issued currency.
And by de-valuing the dollar, other countries will seriously considering alternate means of global finance.
Dem2theMax
(10,626 posts)
PerceptionManagement
(478 posts)Evolve Dammit
(20,428 posts)mahina
(19,625 posts)sounds better than anything I know of. Thank you.
Evolve Dammit
(20,428 posts)mahina
(19,625 posts)Evolve Dammit
(20,428 posts)everyone as the return is typically low, but not subject to market fluctuations. I retired and wanted minimal risk for what I worked years to save.
PortTack
(35,451 posts)Threat to the dollar….geez!
C Moon
(12,776 posts)pfitz59
(11,422 posts)Other nations will shun us
truthisfreedom
(23,373 posts)if you don’t conform!”
Bengus81
(8,518 posts)Eh...his Corporate bud's wanted him back in soooo badly. Well now you have this psycho.