Trump threatens BRICS countries - 100% Tariff, if they replace the US dollar with a rival currency
US President-elect Donald Trump has threatened to impose 100% tariffs on a bloc of nine countries if they create a rival currency to the US dollar. "The idea that the BRICS countries are trying to get away from the dollar while we just sit back and don't react is over," Trump said.
World superpowers China and Russia are part of the BRICS alliance, along with Brazil, India, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates.
During the US election, Trump campaigned on imposing tariffs on many countries. This latest message from Trump, who will take office next year on January 20, was aimed at the alliance of emerging economies.
Leading politicians in Brazil and Russia have suggested the creation of a BRICS currency to reduce the US dollar's dominance in global trade. But internal strife has slowed any progress.
A tariff is an internal tax imposed on goods when they enter the country, proportional to the value of the import. So a car imported into the US with a value of $50,000, at a 25% tariff, would face a tariff of $12,500.
Taxes are a central part of Trump's economic vision, which he sees as a way to grow the American economy, protect jobs and increase tax revenue.
The Republican has previously asserted that these taxes "will not be a cost to Americans, but an expense to another country." This is considered by almost all economists to be a fraud, since the tariff is physically paid by the domestic company importing the goods, not by the foreign company exporting them.
Trump imposed a number of tariffs in his first term, many of which have been kept in place by his successor, President Joe Biden. Economic studies show that most of the economic burden was borne by American consumers.
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