Again, Trump threatens BRICS countries with 100% tariffs if they reject dollar payments

• Donald Trump has again threatened BRICS countries with 100 per cent tariffs if they reject dollar payments
• BRICS aims to be a formidable economic bloc
• Nigeria recently joined the BRICS countries as a partner

President of the United States, Donald Trump, has threatened the BRICS group of emerging economies with 100 per cent tariffs if they move away from the US dollar as an international means of payment.

Trump wrote this on his social media platform, Truth Social, on Thursday, January 30, noting that the BRICS countries should expect to face other economic sanctions, including being restricted from selling into the US economy.

“The idea that the BRICS countries are trying to move away from the dollar, while we stand by and watch, is over.

 “We are going to require a commitment from these seemingly hostile countries that they will neither create a new BRICS currency nor back any other currency to replace the mighty US dollar.

“If not, they will face 100 per cent tariffs and should expect to say goodbye to selling into the wonderful US economy.

“There is no chance that BRICS will replace the U.S. Dollar in international trade, or anywhere else, and any country that tries should say hello to tariffs, and goodbye to America!” he wrote.

Recall that Trump made similar threats in November 2024 while stating his stance on the group’s economic future, demanding the countries commit to using the US dollar, or face harsh trade penalties in the form of 100 per cent tariffs.

BRICS aims to be a formidable economic bloc

The BRICS countries, an acronym from the initial letters of the founding member countries: Brazil, Russia, India, China, and South Africa, was formed in 2001 as BRIC. Later in 2010, South Africa joined the group.

The group was foretold to dominate the global economy by 2050 because the BRICS countries were ranked among the world's fastest-growing and emerging market economies for years.

Countries in this group also have the advantage of low labour costs, favourable demographics, and abundant natural resources at the time of the global commodities boom.

In 2024, 13 countries officially joined BRICS as partner countries, including Nigeria, Algeria, Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Turkey, Uganda, Uzbekistan, and Vietnam.

The group aims to act as a counterweight to the Group of Seven (G7) of leading Western economic powers.

This is even as Russian President, Vladimir Putin, has often crisitcised the dominance of the US dollars for international trade and announced his intention to establish an independent payment and clearing system within the alliance.

Nigeria joined BRICS as a partner

In October 2024, Nigeria joined the BRICS group as a partner. This was announced during the BRICS summit held in Kazan, Russia, from October 22 to 24, 2024.

The announcement sparked reactions from Nigerians following the confirmation of the development by Ambassador Eche Abu-Obe, spokesperson for the Ministry of Foreign Affairs, who said, “Yes. It is true that Nigeria has joined BRICS as a partner.”

Also, Nigeria’s name in Hausa was seen on the proposed BRICS currency banknote, which prompted public reactions.

Nigeria’s Diplomatic Dilemma: Caught between BRICS and the West

Meanwhile, TheRadar earlier reported that Nigeria joined the Brazil, Russia, India, China, and South Africa (BRICS) alliance as a partner country.

TheRadar reported that this move leaves Nigeria caught in a diplomatic dilemma given its reletaionship and alliance with the BRICS as well as the West.