U.S. President-elect Donald Trump issued a strong statement on Saturday, insisting that BRICS member nations must pledge not to establish a new currency or endorse any alternative currency that could supplant the United States dollar, or they will incur 100% tariffs.

“We demand assurance from these nations that they will not create a new BRICS currency or support any other currency aimed at replacing the powerful U.S. Dollar. Failure to comply will result in 100% tariffs, and they should prepare to lose access to the thriving U.S. economy,” Trump stated on his social media platform, Truth Social.

“They can seek out another ‘sucker.’ There is no possibility that BRICS will displace the U.S. Dollar in international trade, and any country attempting to do so should say farewell to America.”

BRICS originally included Brazil, Russia, India, China, and South Africa, but in January, it expanded to incorporate Egypt, Iran, Ethiopia, and the United Arab Emirates. Approximately 30 additional countries have shown interest in joining this coalition of emerging economies.

Currently, Russia holds the rotating presidency of BRICS and proposed the idea of establishing a BRICS currency in 2022. Brazilian President Luiz Inacio Lula da Silva supported this initiative last year, suggesting that the ability to trade in an alternative reserve currency would lessen the BRICS nations’ “vulnerability” to fluctuations in the dollar’s exchange rate.

During their recent summit in Kazan, Russia, BRICS leaders did not finalize plans for a new currency. Instead, they committed to creating a cross-border payment system to operate alongside the Western SWIFT network and to enhance the use of local currencies in international trade.

Kremlin spokesman Dmitry Peskov remarked in October that “Cooperation within BRICS is not aimed against anyone or anything – neither against the dollar nor other currencies. Its primary objective is to safeguard the interests of the participating countries.”

Russian President Vladimir Putin remarked that utilizing local currencies for settling bilateral trade transactions “ensures that economic development remains unaffected by political influences.”

In contrast, former President Trump has committed to employing tariffs as a means to address the US trade deficit, compel overseas manufacturers to return, and fulfill various geopolitical objectives. He has suggested implementing a universal tariff of 20% on all imported goods and has warned Canada and Mexico of potential additional tariffs of 25% if they do not take measures to curb the influx of migrants and drugs into the United States. Furthermore, Trump announced this week that “we will impose an extra 10% tariff on China, in addition to any existing tariffs,” until Beijing takes action against the producers and traffickers of fentanyl, a potent synthetic opioid.