Trump threatens China with 100% tariff. [View all]

[DetlefK]

https://www.theguardian.com/business/2024/dec/01/trump-threat-100-per-cent-tariffs-brics-nations-dollar

Writing on his social media platform, Truth Social, on Saturday, Trump declared that he would also act if they supported another currency to replace the dollar.

“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 US dollar or they will face 100% tariffs and should expect to say goodbye to selling into the wonderful US economy,” Trump said.

...

The Brics group was originally made up of Brazil, Russia, India, China and South Africa and has been joined by Egypt, the United Arab Emirates, Ethiopia and Iran.

Some Brics members have shown interest in de-dollarising the world economy. In October, Vladimir Putin called for an alternative international payments system that could prevent the US from using the dollar as a political weapon. Others, though, fear the consequences of severing relations with the US and other western countries by breaking away from the dollar, which underpins world finance.

A 100% tariff at the US border, if implemented, would drive up sharply the cost of goods from Brics members, fuelling US inflation and destabilising global trade flows.