Tariff Threats: Trump Insights on BRICS, Canada and Mexico

President-elect Donald Trump reported in a Truth Social post on Saturday that he would implement 100% tariffs on BRICS nations if they institute a new “BRICS currency” or support an alternative currency to replace the dollar. This has not been the first time Trump has made these claims. He has mentioned his intentions should BRICS move forward with a new currency, since the beginning of the year. At an August 2023 summit, BRICS nations discussed idea of shared currency and reduction of the dependency on the dollar but never gained much traction as it also seems the dollar faces no immediate threat.

As it relates to tariffs, Trump had threatened Canada and Mexico with a 25% tariff last week but has since backtracked after having had a “very productive’ meeting with Canada PM Trudeau as they discussed issues such as fentanyl and stronger boarder enforcement related to immigration. Additionally, Trump also mentioned a “wonderful conversation” he had with Mexican President Sheinbaum regarding migration.