US president-elect Donald Trump today asked BRICS member countries to commit not to create a new currency or support another currency to replace the US dollar, otherwise threatening them with 100% tariffs, Reuters reported.
“We demand a commitment from these countries that they will not create a new BRICS currency, nor support another currency to replace the mighty US dollar, or face 100% tariffs and must expect to say goodbye to sales in the wonderful American economy “, Trump wrote on his social network “Truth Social”.
“they can find another ‘victim.’ There is no chance that the BRICS countries will replace the US dollar in international trade and any contry that tries should wave goodbye to America,” he added.
Trump also said he had a “very productive” meeting with Canadian Prime Minister Justin Trudeau in which they discussed border issues as well as other topics including trade, energy and the Arctic.
“We discussed many vital topics that both sides will need to work together to solve, such as the fentanyl and drug crisis that has claimed so many lives as an inevitable result of illegal immigration, fair trade deals that do not endanger American workers, and the massive trade deficit that the US has with Canada,” he wrote in another post on his social network.
“Trudeau has made a commitment to work with us to end this terrible devastation of American families,” Trump added, quoted by BTA.
How might U.S.-Canada trade relations evolve in light of Trump’s recent statements?
Q&A Interview: Understanding Trump’s Stance on BRICS and Trade with Canada
Interviewer (Time.news Editor): Thank you for joining us today. We have with us dr. Sarah Thompson, an expert in international trade and economic policy. Dr. Thompson, recent statements from President-elect Donald Trump have sparked significant discussion regarding BRICS countries and their potential to establish a new currency.Can you provide an overview of Trump’s position on this matter?
Dr. Sarah Thompson: Absolutely,and thank you for having me. President Trump’s demand for BRICS nations—Brazil, Russia, India, China, and South Africa—not to create or support an option to the US dollar is rooted in protecting the dollar’s status as the dominant global currency. His threat of 100% tariffs is a substantial measure aimed not only at discouraging these countries from pursuing a new currency but also at reinforcing U.S. economic hegemony.
Interviewer: That’s quite a strong stance. What implications could this have for international trade and the BRICS nations?
Dr. Sarah Thompson: The implications could be far-reaching. If BRICS countries decide to pivot away from the dollar, the U.S. may see its influence in global markets diminish. Additionally, imposing high tariffs would lead to strained relations, making trade more complicated and perhaps limiting American businesses’ access to emerging markets. On the flip side, it could lead BRICS nations to deepen their ties within their bloc or seek alternative trade partnerships outside U.S. influence.
Interviewer: engaging.Shifting gears, Trump’s social media posts also discussed his meeting with Canadian Prime Minister Justin Trudeau. He mentions collaboration on pressing issues like trade and the fentanyl crisis. How significant is U.S.-Canada cooperation in these areas?
Dr. Sarah Thompson: Cooperation between the U.S.and Canada is crucial, especially considering their close economic interdependence. discussions surrounding the fentanyl crisis highlight the need for coordinated efforts in addressing illegal drug trafficking and public health concerns. Moreover, fair trade practices are essential to ensure both nations protect their workers’ interests while fostering a prosperous overall trade relationship.
Interviewer: Given all these developments,what practical advice would you offer to businesses and policymakers navigating this complex international trade landscape?
Dr. Sarah Thompson: For businesses, it’s vital to stay informed about policy changes and to be adaptable in their strategies. Engaging in thorough risk assessments can help identify potential impacts from tariffs or shifting currency trends. Policymakers should focus on building strong diplomatic relationships to facilitate smoother trade negotiations and mutual agreements that safeguard both American workers and international partnerships.
interviewer: Thank you, Dr. Thompson, for your insightful analysis. It’s clear that international trade dynamics are evolving rapidly, and understanding these shifts will be critical for all stakeholders involved.
Dr. Sarah thompson: Thank you for having me. It’s an critically important discussion, and I look forward to seeing how these events unfold in the coming months.