President-elect Donald Trump threatened the BRIC group of emerging-market nations with 100% tariffs if they make any moves to undermine the U.S. dollar on his Truth Social platform. The BRIC alliance includes nine countries and collectively accounts for 45% of the world’s population. At a summit in October, Russian President Vladimir Putin accused the U.S. of “weaponizing” the dollar. Trump’s repeated threats to impose tariffs have caused concern among American consumers and trading partners. Some experts believe tariffs could increase inflation and lower growth in the U.S. Trump has already imposed tariffs on $380 billion worth of imported products in 2018. He also proposed tariffs on Mexico, Canada, and China to address the fentanyl drug overdose epidemic and illegal immigration. Trump recently met with Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau to discuss the tariff threats. Trudeau returned home without assurances that Trump would back away from imposing tariffs. Overall, Trump’s stance on tariffs and trade has raised concerns about the impact on the U.S. economy and its relationship with key trading partners.
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