President-elect Donald Trump threatened to impose 100 percent
tariffs on Brazil, Russia, India, China, South Africa, Egypt,
Ethiopia, Iran, and the United Arab Emirates, known as the BRICS
group of nations. BRICS is an acronym for the founding member
countries Brazil, Russia, India, China, and South Africa.
There have been discussions among BRICS to move away from using
the U.S. dollar and developing a common currency. In response to
this, President-elect Trump stated in late November on social
media, "We require a commitment from these 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, and should expect to say goodbye to selling into the
wonderful U.S. Economy."
