President Donald Trump recently expressed skepticism about the idea of BRIC countries, a group of emerging economies backed by China and Russia, creating a new currency. He stated that the notion of undermining the dollar through this initiative is 'breaking up rapidly' and emphasized that such a scenario is unlikely to materialize.
During a meeting with Prime Minister Narendra Modi of India, a member of BRICS, Trump reiterated his stance and threatened to impose 100% tariffs on the nations involved. This is not the first time Trump has issued warnings of steep tariffs on BRIC countries, as he previously indicated in December that failure to comply with restrictions on creating a new currency could result in punitive measures.
