Trump warns BRICS nations of 100% tariffs over dollar dominance challenge

U.S. president-elect Donald Trump has threatened BRICS nations with 100% tariffs if they move away from the U.S. dollar. BRICS includes Brazil, Russia, India, China, and South Africa. Trump stated that the U.S. will not tolerate challenges to dollar dominance. The BRICS countries have been exploring alternatives to the dollar for trade, but most transactions still rely on it. Despite efforts to de-dollarize, the dollar remains the preferred currency due to its stability and widespread use in global trade. In addition to BRICS, Trump has also proposed 25% tariffs on imports from Canada and Mexico. This could significantly impact oil imports from Canada, which supply over 20% of U.S. refinery needs.