100% Tariffs on BRICS Nations Over De-Dollarization Efforts UPSC NOTE

  Why in news President-elect Donald Trump threatened 100% tariffs on nine nations if they attempt to undermine the U.S. dollar’s dominanc...

 Why in news

• President-elect Donald Trump threatened 100% tariffs on nine nations if they attempt to undermine the U.S. dollar’s dominance in global trade.

• The threat was aimed at the BRICS alliance (Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the UAE) which has shown interest in de-dollarization.

• The U.S. dollar makes up 58% of global foreign exchange reserves and is widely used in international trade, especially for commodities like oil.