President-elect Donald Trump threatened to 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, with additional members joining over time. The issue of “de-dollarization” gained steam at a recent summit, with some members pushing for reduced U.S. dollar influence in global trade.
Experts are skeptical that BRICS could create its own currency due to infighting among member nations and economic differences. Despite this, some BRICS countries are among the U.S.’s largest trading partners, such as China and India. Trump also threatened tariffs on Mexico, Canada, and China to address the fentanyl crisis, emphasizing the importance of curbing drug trafficking.
Trump’s recent meeting with Canadian Prime Minister Justin Trudeau was described as productive in addressing the drug epidemic. However, Mexican President Claudia Sheinbaum emphasized the need for cooperation rather than threats or tariffs to address migration and drug consumption. Sheinbaum denied agreeing to stop immigration into the U.S. during a phone call with Trump, highlighting Mexico’s commitment to respecting human rights while tackling the migration issue.
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