Trump Tariffs on BRICS Nations

An episode of the Hard Asset Money Show podcast, hosted by Christian Briggs, titled "Trump Tariffs on BRICS Nations" was published on December 3, 2024 and runs 9 minutes.

December 3, 2024 ·9m · Hard Asset Money Show

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Summary

President-elect Donald Trump has threatened to slap a 100% tariff on the BRICS nations if they try to abandon the United States dollar as the reserve currency. Is it realistic for the BRICS countries to completely move away from the dollar? Not completely. When BRICS started in the original formation of the 5 countries, they were utilizing theU.S. dollar in 100% of transactions. Local currency was very minimal on international trade. Today, they're doing 65% of all their transactions in local currencies. But on the international stage, there's still less than 1/3 of the dollar usage by the BRICS members. Donald Trump is going to come in and he's going to negotiate these tariffs. It's going to be surgical. Does that mean BRICS can take over the dollar reserve status? Not in the near future, but they are backing their new BRICS currency with gold, and that has created a lot more credibility.

Episode Description

President-elect Donald Trump has threatened to slap a 100% tariff on the BRICS nations if they try to abandon the United States dollar as the reserve currency. Is it realistic for the BRICS countries to completely move away from the dollar? Not completely. When BRICS started in the original formation of the 5 countries, they were utilizing theU.S. dollar in 100% of transactions. Local currency was very minimal on international trade. Today, they're doing 65% of all their transactions in local currencies. But on the international stage, there's still less than 1/3 of the dollar usage by the BRICS members. Donald Trump is going to come in and he's going to negotiate these tariffs. It's going to be surgical. Does that mean BRICS can take over the dollar reserve status? Not in the near future, but they are backing their new BRICS currency with gold, and that has created a lot more credibility.

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