- Trump threatened 100% tariffs on BRICS countries if they create a new currency
- Nigeria confirmed as a new partner in BRICS, adding to the coalition's global economic influence
- BRICS group, now including nations like Iran and Egypt, was warned to pledge against abandoning the US dollar
Following Nigeria’s confirmation as a BRICS partner nation, President-elect Donald Trump has made clear 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% tariffs.
This was disclosed on Saturday afternoon, November 30 as Trump posted on Truth Social saying:
BRICS countries face threat over dollar alternatives
“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 U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy,” Trump stated.
BRICS, which stands for Brazil, Russia, India, China, and South Africa, was initially established by Brazil, Russia, India, and China, with South Africa joining in 2010. Recently, Nigeria's membership as a partner nation was confirmed by Eche Abu-Obe, spokesperson for the Ministry of Foreign Affairs.
BRICS expansion sees Nigeria, Iran, Egypt, UAE join
The BRICS coalition, which began in 2009, has seen considerable growth, with new members such as Iran, Egypt, and the United Arab Emirates. Combined, these countries account for a notable share of the world’s economic output.
Trump’s economic threat came shortly after he vowed to raise tariffs on imports from Mexico, Canada, and China starting from day one of his administration. According to Trump, the tariffs were a response to illegal immigration and the influx of “crime and drugs” across the US border.
“Nothing you can do about it”: Nigeria’s name in Hausa on BRICS currency note draws public discord
Meanwhile, TheRadar earlier reported that Nigeria's name in Hausa on the proposed BRICS currency banknote prompted public reactions.
TheRadar compiled reactions from the public.