Economy

Trump's Tariff Threat: BRICS Nations Face 100% Duties Over Dollar Challenge

Trump's Warning to BRICS: No Dollar Alternative or Face 100% Tariffs

President-elect Donald Trump has issued a stern warning to the BRICS economic bloc, threatening a '100% tariff bomb' if they proceed with plans to move away from the U.S. dollar. Trump's stance on maintaining the dollar's dominance was made clear in a recent post on his social networking service, Truth Social.

U.S. President-elect Donald Trump attends a viewing of the launch of the sixth test flight of the SpaceX Starship rocket, in Brownsville, Texas, U.S., November 19, 2024. (REUTERS)

The BRICS alliance, which includes Russia, China, Brazil, India, South Africa, Iran, and Saudi Arabia, has been exploring alternatives to the dollar, particularly under the influence of Russia and China. This move has been seen as a direct challenge to the dollar's global supremacy.

In response to Trump's tariff threat, Canadian Prime Minister Justin Trudeau visited Trump to discuss new border security measures. The meeting was deemed 'very productive' by Trump, who highlighted the need for cooperation on issues such as fentanyl trafficking and fair trade deals.

Canadian Minister of Public Safety, Dominic LeBlanc, announced plans to strengthen border security, including the deployment of additional drones, helicopters, and personnel. This move comes as a direct response to the tariff threat and the need to address cross-border drug trafficking.