‘They can go find another sucker’: Trump threatens 100% tariff for China, Russia, and other nations
Donald Trump’s proposed 25% tariffs on Canada and Mexico were absurd, but he’s proposed something even more ambitious. The incoming president is now threatening 100% tariffs against BRICS nations.
Through a Truth Social post, Trump imploded against the creation of a common BRICS currency to undermine the strength of the U.S. dollar. He threatened countries that would support the creation of a BRICS currency with 100% tariffs. Essentially, Trump intends to bar these countries from trading with the United States. Trump wrote in his post, “They can go find another “sucker!” There is no chance that the BRICS will replace the U.S. dollar in international trade, and any country that tries should wave goodbye to America.”
While social media users aren’t so surprised with Trump’s hasty announcement, they did point out the irony of his statement. One wrote, “The “mighty U.S. dollar” is apparently so “mighty” that you need to threaten countries so they don’t abandon it.”
Is there a BRICS currency in the works?
BRICS is composed of nine countries: Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and Saudi Arabia. These countries have bemoaned the dominance of the U.S. dollar in trade at the 2023 BRICS Summit. Most of these countries also discussed de-dollarization efforts.
A central BRICS currency is still just an idea with no official agreed-upon proposal. Additionally, BRICS countries remain divided about the creation of a central currency. It’s unclear what the proposed currency will be pegged against, since even BRICS allies have their own domestic interests. BRICS countries also don’t have a central bank that could manage their theoretical allied currency yet.
Nevertheless, Trump’s proposal is dangerous for U.S. consumers. Imposing steep tariffs on imports from nine countries, two of which are big trading partners of the U.S., can further aggravate inflation. Additionally, consumers will face the disruption of supply chains for medicine, petroleum, and electronics. Tariff threats aren’t likely to coerce the BRICS countries into submission due to their economic influence, but U.S. citizens will pay the price.
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