Trump threatens 100% tariffs on BRICS nations over dollar trade shift

US President-elect Donald Trump has threatened to impose 100% tariffs on BRICS nations if they continue to move away from the US dollar in trade. This marks a significant shift in US policy towards these countries, which include Brazil, Russia, India, China, and others. BRICS has been advocating for increased trade in local currencies since the Russia-Ukraine war began in 2022. However, Trump stated that there is "no chance" the BRICS will replace the US dollar in international trade, emphasizing the dollar's dominance. India has clarified that it does not aim for de-dollarisation but seeks alternatives due to challenges in dollar transactions caused by US sanctions. The recent BRICS summit did not mention de-dollarisation but focused on enhancing local currency financing among member nations.