Trump repeats tariff imposition to dissuade Brics nations from replacing US dollar
(VOVWORLD) - President Donald Trump on Thursday warned off Brics member countries from replacing the US dollar as a reserve currency by repeating a 100%-tariffs threat he had made weeks after winning the November presidential elections.
At the time, Russia said that any US attempt to compel countries to use the dollar would backfire.
The Brics grouping includes Brazil, Russia, India, China, and South Africa and a few other countries that joined in the past couple of years.
Trump posted his warning to the Brics as Canada and Mexico await for his decision to follow through on a pledge to impose 25% tariffs on the US' North American trading partner from Saturday.
Trump wants to use tariffs as a tool to get Mexico and Canada to help stem the flow of illegal drugs into the US, particularly the deadly opioid fentanyl, and also migrants crossing illegally into the US.