Trump threatens 100% tariffs on BRICS countries seeking dollar alternatives

U.S. President-elect Donald Trump has warned that he will impose 100% tariffs on BRICS countries seeking to find a reserve currency other than the dollar.

"The idea of BRICS countries trying to get out of the dollar is over now," Trump said in a post on social media Truth Social on November 30 local time.

"Otherwise, we'll face 100% tariffs, and we'll have to say goodbye to a good U.S. market," he said, saying the countries must promise not to create new BRICS currencies or support other currencies to replace the strong U.S. dollar.

Trump then affirmed that "there is no possibility that BRICS will find an alternative to the dollar in international trade."

While Trump prefers a weak dollar, he has maintained that challenges to dollar hegemony themselves are unacceptable.

Even during the election, he has announced his plan to impose punitive tariffs on countries challenging dollar hegemony.

The BRICS named by Trump is a coalition of non-Western emerging economies joined by Russia, China, Brazil, India and South Africa, as well as Iran and Saudi Arabia.

BRICS has been actively promoting the internationalization of the Chinese yuan, mainly in member states.