“Go Find Another Sucker”, “Face 100% Tariff”: Trump Warns India, China, Brazil, Russia, South Africa

US President-elect Donald Trump has issued a sharp warning to BRICS nations—Brazil, Russia, India, China, and South Africa—over their efforts to reduce dependence on the US dollar in international trade. Trump declared that any attempt by BRICS countries to develop a new currency or replace the dollar would invite severe repercussions.

“The idea that the BRICS countries are trying to move away from the Dollar while we stand by and watch is OVER,” Trump stated. “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. If not, they will face 100% tariffs and can go find another ‘sucker.’ There is no chance that the BRICS will replace the U.S. Dollar in international trade, and any country that tries should wave goodbye to America.”

This stern message comes amidst growing discussions within BRICS to explore alternative financial systems. Russian President Vladimir Putin, at the 16th annual BRICS summit in Kazan, advocated for creating a SWIFT-like payment mechanism immune to Western sanctions. He also proposed utilising digital currencies and national currencies for investments, though he admitted the time was not ripe for a common BRICS currency.

Russia’s push for financial independence stems from sweeping sanctions imposed by the US and its allies following the Ukraine conflict in February 2022. Moscow has sought to bypass these restrictions through initiatives like BRICS Bridge, a digital cross-border payment system. This system would eliminate reliance on Western-controlled intermediaries, such as SWIFT, facilitating direct transactions between BRICS nations.

However, Moscow’s ambitions faced a setback at the Kazan summit. Despite showcasing a mock-up BRICS currency note to signal progress, no concrete steps toward a shared currency or BRICS Bridge were taken. Russia’s proposals, including BRICS Pay, BRICS Clear, and a BRICS ratings agency, failed to gain significant traction among member nations.

Diverging priorities within BRICS appear to hinder the development of unified financial mechanisms. While Russia is eager to de-dollarise, countries like India and South Africa remain wary of upsetting Western partners. China, although supportive of alternative systems, remains cautious about fully abandoning the dollar.