Trump threatens 100% tariffs against BRICS countries if they try replacing US dollar

Washington: President Donald Trump has again warned that he will impose 100 per cent tariffs against countries of the BRICS bloc, of which India is a part, if they take any steps to replace the US dollar.

Trump, who took oath as the 47th president of the US on Monday, said, "If the BRICS nations want to do that, that's okay, but we're going to put at least a 100 per cent tariff on the business they do with the United States." They “have a 100 per cent tariff if they so much as even think” about reducing the use of the dollar in global trade, he added.

BRICS is an intergovernmental organisation of ten countries --Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.

In December too, Trump warned BRICS nations against such a move.

“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 US dollar or, they will face 100 per cent tariffs and should expect to say goodbye to selling into the wonderful US economy,” Trump had warned.

External Affairs Minister S Jaishankar in December said India had never been for de-dollarisation and there was no proposal to have a BRICS currency.

Responding to a question on immigration, Trump on Monday said he is fine with legal immigration.

The nation will need more legal immigration as manufacturing is going to expand because of his tariff policies, Trump said.

“I'm fine with legal immigration. I like it. We need people, and I'm absolutely fine with it. We want to have it," he said.