World
Trump repeats tariffs threat to dissuade BRICS nations from replacing US dollar
President Donald Trump on Thursday warned off BRICS member countries from replacing the U.S. dollar as a reserve currency by repeating a 100%-tariffs threat he had made weeks after winning the November presidential elections.
“We are going to require a commitment from these seemingly hostile 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,” Trump said on Truth Social in a statement nearly identical to one he posted on Nov. 30, Reuters reported.
At the time, Russia said that any U.S. attempt to compel countries to use the dollar would backfire.
The BRICS grouping includes Brazil, Russia, India, China, and South Africa and a few other countries that joined in the past couple of year. The grouping does not have a common currency, but long-running discussions on the subject have gained some momentum after the West imposed sanctions on Russia over the war in Ukraine.
“There is no chance that BRICS will replace the U.S. Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!,” he said.
Trump posted his warning to the BRICS as Canada and Mexico await for his decision to follow through on a pledge to impose 25% tariffs on the United States’ North American trading partner from Feb. 1.
Trump wants to use tariffs as a tool to get Mexico and Canada to help stem the flow of illegal drugs into the United States, particularly the deadly opioid fentanyl, and also migrants crossing illegally into the U.S.
Dollar dominance — the outsized role of the U.S. dollar in the world economy — has strengthened of late, thanks to the robust U.S. economy, tighter monetary policy and heightened geopolitical risks, even as economic fragmentation has boosted a push by BRICS countries to shift away from the dollar into other currencies.
A study by the Atlantic Council’s GeoEconomics Center last year showed that the U.S. dollar remains the world’s primary reserve currency, and neither the euro nor the so-called BRICS countries have been able to reduce global reliance on the dollar.
The acronym BRIC, which did not initially include South Africa, was coined in 2001 by then Goldman Sachs chief economist Jim O’Neill in a research paper that underlined the growth potential of Brazil, Russia, India and China.
The bloc was founded as an informal club in 2009 to provide a platform for its members to challenge a world order dominated by the United States and its Western allies. South Africa was the first beneficiary of an expansion of the bloc in 2010 when the grouping became known as BRICS.
The group added Egypt, Ethiopia, Iran and the United Arab Emirates in 2023, and Indonesia became member earlier this month.
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World
US Senate passes Russia sanctions championed by Graham; US House next
In a statement, the Ukrainian embassy in Washington welcomed passage, calling it “a timely and significant step that strengthens pressure on Russia.”
The U.S. Senate easily passed sweeping Russia sanctions legislation on Friday, advancing a long-delayed measure backed by late Senator Lindsey Graham and setting the stage for consideration by the House of Representatives within weeks, Reuters reported.
Graham, a South Carolina Republican who died last month, was among Kyiv’s most outspoken allies in Congress in its four-year-long war with Russia, and the bill aims to increase economic pressure on Moscow over its invasion of Ukraine.
It also includes expanded sanctions on Iran sought by President Donald Trump as lawmakers pushed for a vote on the measure well over a year since it was introduced in 2025.
The Senate’s Republican leaders had not brought the bill up because of resistance from Trump, who had kept decisions on sanctions at the White House, not Congress, since starting his second term in January 2025.
The Senate voted 86-11 to pass the “Lindsey O. Graham Sanctioning Russia and Iran Act of 2026,” to sanction Russian officials and authorize stiff tariffs on China, India and other countries to reduce their dependence on Russian oil and gas.
In a statement, the Ukrainian embassy in Washington welcomed passage, calling it “a timely and significant step that strengthens pressure on Russia.”
However, broad support may not be enough to secure House passage, with some lawmakers and industries wary that new tariff powers for Trump could raise costs for U.S. importers and consumers while exposing Republicans to political blowback.
Representatives Gregory Meeks of New York and Don Beyer of Virginia said in a statement they still had “fundamental concerns” about the tariff powers for Trump, who has made them a central piece of his “America First” approach to foreign policy, read the report.
“What the bill does grant … are sweeping new tariff authorities that the president could weaponize with abandon, as he has repeatedly done in the past,” said Meeks, the top Democrat on the House Foreign Affairs Committee, and Beyer, the senior Democrat on the Joint Economic Committee.
Trump’s fellow Republicans control only slim majorities in both the House and Senate.
Only one Senate Republican, Rand Paul of Kentucky, voted against the bill, likening tariffs to taxes on American consumers.
The chamber erupted into applause after Graham’s sister, Darline Graham, who was appointed to fill his seat, read out the final tally.
The Senate rejected an amendment sponsored by Paul and Democratic Senator Ron Wyden of Oregon that would have removed the tariff powers.
Democratic Senator Raphael Warnock of Georgia, who also sought to change the tariff language, said he had received a written commitment from Trump’s U.S. trade representative, Jamieson Greer, to put guardrails on the tariff authorities, Reuters reported.
If it is approved by the House and signed into law by Trump, the measure would allow the president to impose tariffs of up to 100% on countries that are major consumers of Russian energy, including India, Japan and some countries in the European Union, and leave it to his discretion to lift them.
The legislation’s backers insist that the tariffs are narrow enough that they would do their intended job of reducing Russian energy revenue that funds its war on Ukraine without negative consequences.
Supporters called the legislation the best opportunity to support Ukraine, and the strong bipartisan Senate vote provided momentum for it to pass the House after it returns from its summer recess on August 31.
Graham had announced shortly before his sudden death on July 11 that he and Trump agreed finally to move forward with the legislation.
The legislation lets the president impose targeted tariffs on imported goods from countries that buy the vast majority of Russian oil or gas and enable Russia’s evasion of sanctions.
The bill limits these tariffs to the five largest importers of Russian crude oil or gas and the top five countries that aid Russia’s energy sanctions evasion. The measure includes a provision to prevent a lapse in sanctions authority that restricts funding for Iranian energy and weapons.
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World2 days agoUS Senate passes Russia sanctions championed by Graham; US House next
