President-elect Donald Trump said he would require countries that are part of BRICS — a China- and Russia-backed group of emerging economies — to commit to not creating new currency or face 100% tariffs during his administration.

The proposed tariffs would remain until those nations commit to not backing a new currency to replace the dollar, Trump said.

Why are countries trying to move away from the dollar? What has India done so far in this regard? And why is there a risk of Chinese domination if the dependence on the US dollar does go down?

Donald Trump warned of 100% tariffs on BRICS nations — composed of Brazil, Russia, India, China and South Africa — should they develop a new currency to compete with the U.S. dollar. “The idea that the BRICS countries are trying to move away from the dollar while we stand by and watch is over,

President-elect Donald Trump has announced plans to impose 100% tariffs on BRICS nations—Brazil, Russia, India, China, and South Africa—if they attempt to replace the U.S. dollar as the global reserve currency.

President-elect Donald Trump has issued a stark warning to BRICS nations, threatening 100% tariffs if they attempt to create a rival currency to the US dollar. With major players like China, Russia, and India involved,