Donald Trump has threatened a 100 percent tariff on nine countries that are pushing to dethrone the US dollar.
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The Lede
The BRICS group — comprising Brazil, Russia, India, China, South Africa, Ethiopia, Egypt, Iran and the UAE — are trying to dethrone the US dollar as the leading global reserve currency. In response, president-elect Trump has threatened to levy 100 percent duties on goods imported from the nine nations. Below are just some of the goods that risk price increases if those tariffs are implemented.
Key Details
- In 2023, the US imported almost $67 billion in cellphones and other household goods from China, as well as $37.4 billion in computers and $32 billion in toys, games and sporting goods.
- From the remaining eight countries, the US purchased — among many other things — $11.5 billion in pharmaceutical preparations and just under $9 billion in gem diamonds.
- Overall, the BRICS nations accounted for a total of around $578 billion in US imports last year.
