President-elect Donald Trump announced on Truth Social that he would impose a 100% tariff on the BRICS coalition of non-Western countries if they move away from trading using the U.S. dollar. The BRICS alliance includes Brazil, Russia, India, China, and South Africa. At a recent summit, the issue of “de-dollarization” gained momentum, but experts are skeptical about the success of creating a new currency for global trade due to differences among member nations.
Some BRICS countries, such as India and China, are major trading partners with the U.S. with billions of dollars in goods and services traded annually. Trump also recently threatened to raise tariffs on Mexico, Canada, and China to address issues related to the fentanyl crisis. Canadian Prime Minister Trudeau met with Trump to discuss the drug epidemic, with Trump emphasizing the need for cooperation to combat the issue.
Mexican President Sheinbaum responded to Trump’s threats of tariffs by emphasizing the need for cooperation instead of punitive measures. She highlighted Mexico’s efforts to address migration and drug consumption while reaffirming the importance of building bridges between governments and people. A phone conversation between Sheinbaum and Trump led to differing perspectives on their discussions, with Trump alleging that Mexico had agreed to halt immigration, which Sheinbaum denied in her recount of the conversation.
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