Trump warns Brics nations against replacing US dollar as reserve currency

Donald Trump has warned Brics nations against creating a new currency to replace the US dollar. He stated that countries attempting this would face 100% tariffs on exports to the US. This marks a strong stance from Trump amid ongoing discussions about de-dollarisation. The US dollar has been the world's reserve currency since the Bretton Woods agreement in 1944. It comprises 90% of global currency reserves, allowing the US to manage trade deficits and impose economic sanctions effectively. This dominance is now being challenged by countries like China and Russia. Brics nations have expressed a desire to reduce reliance on the dollar, citing US sanctions as a reason. While efforts to establish a common currency or promote alternatives like the Chinese renminbi have been made, success has been limited. Internal divisions among Brics members also complicate these efforts.