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World News See other World News Articles Title: Trump’s Threat of 100% Tariffs Targeting BRICS Would Blow Up in America’s Face Donald Trump has threatened to slap BRICS members with 100% import duties if the bloc tries to create its own monetary unit or backs "any other currency to replace the mighty dollar." How could this look in practice? And who would stand to lose more if the president-elect made good on the threat? Sputnik asked a renowned British economist. "The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER," Donald Trump wrote in a social media post Saturday outlining his plans to reestablish US global economic primacy after stepping into office next month. "We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar, or they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful US Economy. They can go find another 'sucker!' There is no chance that the BRICS will replace the US Dollar in International Trade, and any Country that tries should wave goodbye to America," Trump warned. Expressing a penchant for steep tariffs targeting allies and adversaries alike during his first term in office, and hinting at plans to repeat his old policy by tapping his former trade czar Robert Lighthizer to return to the job come January, Trump's threat of "100% Tariffs" against the BRICS is his most sweeping trade-related intimidating remark yet, targeting an economic bloc that accounts for some 35% of global economic activity in PPP terms, and over 40% of the planet's population. The US is heavily dependent on the BRICS economically, and President- Elect Trump has got another thing coming if he thinks he can threaten and cajole the bloc into submission, veteran British economist and Global Justice Movement co-founder Rodney Shakespeare told Sputnik. "Trump thinks he can target BRICS countries individually but doing this will cause BRICS to act collectively in response and then the situation is about who has the bigger overall trade, population and resources. Trump's thinking is fundamentally based upon a situation of past hegemony whose time is rapidly passing," Shakespeare, who now teaches as a visiting scholar at Indonesia's Trisakti University, explained. A statue of former Treasury Secretary Albert Gallatin stands outside the Treasury Building in Washington. - Sputnik International, 1920, 24.11.2024 Post Comment Private Reply Ignore Thread
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