Can the American dollar be replaced with a new currency?
US President-elect Donald Trump has threatened BRICS countries with 100% tariffs, should they attempt to replace the American dollar
鈥淚鈥檓 not sure if Egypt is looking to replace the dollar at the moment. I鈥檓 not sure even BRICS wants to do that at the moment鈥� - Wael Gamal, Egyptian Initiative for Personal Rights
US president-elect Donald Trump recently threatened BRICS member states with 100% tariffs, should they go against his country鈥檚 currency.
鈥淲e require a commitment from these countries that they will neither create a new BRICS currency, nor back any other currency to replace the mighty US Dollar鈥�, he told his social media followers.
He further said, these nations 鈥渟hould expect to say goodbye to selling into the wonderful US economy鈥�.
BRICS is an acronym for a bloc of five states, Brazil, Russia, India, China and South Africa.
Founded in 2009, it aims to promote economic co-operation and increase multilateral trade and development among member states.
Trump鈥檚 remarks come after the bloc welcomed new members including Egypt, Ethiopia, Iran and the United Arab Emirates.
Presenter: Alan Kasujja
Guests: John Steenhuisen and Wael Gamal
Podcast
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