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In a forceful post on Trump promised to impose drastic measures to protect the dollar’s position as the world’s dominant currency.
The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. 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…
— Donald J. Trump (@realDonaldTrump) November 30, 2024
Trump’s message
In his post, Trump highlighted that attempts by the BRICS to introduce an alternative currency or support another currency to compete with the US dollar would be unacceptable under his administration. He warned that any country that engages in these initiatives will face 100% tariffs and loss of access to the US market, calling it “the wonderful US economic market.”
Trump emphasized that he will not allow the dollar to be replaced in international trade, noting that any country that defies this policy should “say goodbye to America.”
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The context of the BRICS and the dollar
The BRICS have explored alternatives to the dollar as part of an effort to reduce their dependence on the US currency. At the August 2023 summit, the bloc’s leaders discussed creating a common currency to facilitate trade between its members.
This move comes against a backdrop of rising geopolitical tensions, US-led economic sanctions and renewed interest in diversifying foreign exchange reserves.
However, these efforts have not advanced significantly. Challenges include economic differences between members, the lack of a common financial infrastructure, and the complexities of implementing a new currency in a global trading system dominated by the dollar.
Trump’s position and his strategy
Trump’s stance reflects his nationalist and protectionist approach, which prioritizes US economic interests. Through trade sanctions and tariffs, Trump seeks to deter any attempt to destabilize the supremacy of the dollar, something he considers essential to maintaining influence economic and political situation of the US at a global level.
During his previous term, Trump used tariffs as a tool to renegotiate trade deals and protect American industry. His current rhetoric suggests a similar strategy, but applied to the sphere of international monetary policy.
Global implications
Trump’s remarks could intensify tensions with the BRICS countries, which have already sought to counter US economic influence by diversifying their trade relationships. Additionally, an escalation of tariffs could impact global supply chains and increase costs for American consumers.
At the same time, Trump’s stance reinforces his commitment to protecting the dollar as a pillar of the global economy, a position supported by the importance of the dollar in international reserves, commodity markets and commercial transactions.
Conclusion
Trump’s message sets a firm and defiant tone against any attempt by the BRICS to unseat the dollar. His “America First” policy remains central to his approach, setting the stage for a presidential term focused on consolidating the US’s dominant position in the global economic system.
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