This weekend President-Elect Donald Trump threatened a 100% tariff on BRICS countries. This is in response to an initiative by the nine member international organization to replace the U.S. Dollar (USD) as the global reserve currency, possibly by the establishment of a new currency. BRICS, formerly an organization of Brazil, Russia, India, China, and South Africa, was formed to advance the interests of these major developing economies. Today, the BRICS organization also includes Iran, the United Arab Emirates, Ethiopia, and Egypt. As the BRICS countries search for an alternative to the USD as a reserve currency, the President-Elect had this to say: “The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy.” There are many different ways that the incoming Trump Administration could achieve a 100% Tariff on these countries. If your business would be affected by these tariffs, it is important that you know your rights. Our team of experienced trade attorneys would be happy to meet with you.
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