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President-elect Trump has threatened to impose tariffs of up to 100 percent if they do not comply. US President-elect Donald Trump has said that during his administration, the BRICS countries (an alliance of emerging economies supported by China, Russia, and India) will have to completely abandon their plans to create a new currency as an alternative to the dollar.

Trump’s threat: Trump’s new economic threat is a continuation of his recent announcement, in which he threatened to impose massive tariffs on goods from Mexico, Canada, and China. He said that these tariffs will be imposed in retaliation for illegal immigration, crime, and drugs entering the United States and will be effective from the first day of his administration.

On Saturday afternoon, November 30, local time, Trump said on the Truth Social platform, “We want a promise from these countries that they will not create a new BRICS currency or support any other currency instead of the dollar.” “The BRICS countries will try to reduce their dependence on the dollar, and we will not sit idly by. Otherwise, they will face 100 percent tariffs and will forever lose the golden opportunity to sell their products to the excellent economy of the United States.”

In 2023, Brazilian leader Luiz Inácio Lula da Silva proposed the creation of a common currency in Latin America, which was aimed at reducing dependence on the US dollar.

By using their own currencies and banking networks outside the US dollar, the BRICS countries could create opportunities for countries such as Russia, China and Iran to circumvent Western sanctions. However, the possibility of creating a new currency is very low due to internal economic and geopolitical differences within the alliance.

On the other hand, it is also particularly important for Russia, because the West has isolated Russia economically and diplomatically since the invasion of Ukraine in 2022. Russia took over the rotating chairmanship of the alliance this year.

At the BRICS summit in October this year, Russian President Vladimir Putin and Chinese President Xi Jinping wanted to send a message that the West is globally isolated, and that the ‘majority of the world’ is supporting their efforts to challenge US leadership.