WASHINGTON: President-elect Donald Trump on Monday threatened to impose a 100 per cent tariff on the BRICS group nations if they undercut the US dollar.
"We require a commitment... that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar or, they will face 100 percent Tariffs," Trump wrote on his Truth Social website.
The statement comes after a BRICS summit held last month in Russian city of Kazan, where the countries discussed strengthening local currencies by boosting non-dollar transactions.
The BRICS group, which initially comprised Brazil, Russia, India, China, South Africa, has expanded significantly since its inception in 2009, and now includes countries such as the United Arab Emirates, Iran and Egypt as well. Altogether the BRICS coalition accounts for a significant minority of the world's economic output.
Unified BRICS currency
At the Kazan summit in October, Moscow secured a joint declaration encouraging the "strengthening of correspondent banking networks within BRICS and enabling settlements in local currencies in line with BRICS Cross-Border Payments Initiative."
But at the end of the summit, Putin indicated that little progress had been made on launching a possible competitor to the Belgium-based SWIFT financial messaging system. "As for SWIFT and any alternatives, we have not created and are not creating any alternatives," Putin told reporters.
He said, "As for a unified BRICS currency, we are not considering that question at the moment."
Trump warned if BRICS countries continued with their plans, they "should expect to say goodbye to selling into the wonderful US economy." There was no chance that the BRICS would replace the US dollar in international trade, he said, adding that any country that tried should wave goodbye to America.
Patel to lead FBI
On another note, President-elect announced Kash Patel as his choice as director of Federal Bureau of Investigation (FBI), indicating current leader Christopher Wray would be replaced. Patel is known for his controversial views on government "deep state" theories.
"Kash is a brilliant lawyer... who has spent his career exposing corruption," Trump wrote on Truth Social.
A fierce defender of Trump during his first term including serving as national security adviser. Patel supports Republican notions against an anti-Trump "deep state".
"Kash did an incredible job during my first term," Trump said. He added Patel would work to address crime and border issues including human trafficking across borders.
Separately announced Chad Chronister nominated DEA administrator working alongside Attorney General pick Pam Bondi securing borders from illegal drugs.
"Chad will work with our great Attorney General...to secure Border stop flow Fentanyl Illegal Drugs SAVE LIVES," posted Truth Social.
Boulos Lebanese-American businessman appointed senior adviser Arab Middle Eastern affairs connected through family ties daughter's marriage prominent White House role mobilizing voters disaffected Gaza policies.
"I am proud announce Massad Boulos serve Senior Adviser President Arab Middle Eastern affairs," posted Truth Social appointment daughter Tiffany's father-in-law major White House position.