Trump threatens BRICS nations with tariffs over dollar dominance concerns

US president-elect Donald Trump has threatened to impose 100% tariffs on BRICS nations if they attempt to create a rival currency to the US dollar. His demand for a commitment from these countries follows discussions at a recent BRICS summit about reducing dollar reliance. BRICS, which includes Brazil, Russia, India, China, and others, aims to increase the influence of emerging economies in global finance. Despite their efforts, a recent study shows the US dollar remains dominant, holding about 58% of global reserves. While BRICS members are exploring alternative payment systems and trading in national currencies, they have not yet significantly reduced dependence on the dollar. China's renminbi shows potential as a competitor, but the dollar's status is secure for now.