Important Takeaways:

• President-elect Donald Trump threatened the BRIC group of emerging-market nations on Saturday, warning that he would impose 100% tariffs if they make any moves to undermine the U.S. dollar.
• The BRIC alliance, originally comprised of Brazil, Russia, India, and China, now includes five other countries: South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates.
• On Saturday, Trump wrote, “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,” Trump said. “They can go find another ‘sucker!’ There is no chance that the BRICS will replace the U.S. Dollar in International Trade, and any Country that tries should wave goodbye to America.”
• At a summit of BRIC nations in October, Russian President Vladimir Putin accused the U.S. of “weaponizing” the dollar and described it as a “big mistake,” the Associated Press reported.
• Collectively, the nine-country BRIC group accounts for 45% of the world’s population. Turkey, Azerbaijan and Malaysia also have applied to become members.

Read the original article by clicking here.