Former President Donald Trump, the Republican candidate in the US presidential election in November, is threatening high tariffs on goods from countries that abandon the dollar as a reserve currency.
If you leave the dollar, you will not do business with the US, as we will impose 100 percent tariffs on your goods, he said during an appearance in the state of Wisconsin on Saturday.
According to Trump, the dollar has been under attack for eight years.
The BRICS countries – Brazil, Russia, India, China, and South Africa – had a special summit last year on how to become less dependent on the dollar.
The US dollar still accounts for 59 percent of the world's currency reserves, while the euro is just below 20 percent, according to the International Monetary Fund (IMF).
