President-elect Donald Trump has issued a stern warning to the BRICS alliance—comprising Brazil, Russia, India, China, South Africa, and recently added members Egypt, Ethiopia, Iran, and the UAE—against developing a common currency to rival the US dollar.

On his social media platform, Truth Social, Trump stated:

"We require a commitment from these countries that they will neither create a new BRICS currency nor back any other currency to replace the US dollar, or they will face 100% tariffs and should expect to lose access to the US market."

The US dollar remains the dominant currency in global trade, representing approximately 58% of the world’s foreign exchange reserves, according to the International Monetary Fund (IMF). Key commodities like oil are still primarily traded in dollars, underscoring its pivotal role in international finance.

However, the dollar's dominance is increasingly under scrutiny as BRICS nations grow their share of global GDP and explore alternatives for trade. Developing countries within and beyond BRICS have expressed frustration with what they see as disproportionate US influence over the global financial system.

The alliance has attracted interest from other nations, with Turkey, Azerbaijan, and Malaysia applying for membership and several others signaling their intent to join. A potential shift toward a BRICS currency could reshape global trade dynamics, raising the stakes in this economic standoff.

BOB Post