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Trump's 100% Tariffs Warning to BRICS Rattles Asian Currencies
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} .author-content{ width: 100% !important; } .post-excerpt h4 { font-size: 16px; font-style: italic; color: grey; line-height: 23px; } .tt-post { border: 0px solid #489bd4 !important; -webkit-box-shadow: 0 0px 0 0 #eaeaea !important; -moz-box-shadow: 0 0px 0 0 #eaeaea !important; box-shadow: 0 0px 0 0 #eaeaea !important; } @media only screen and (min-width: 769px) { .relatedsingle{ height: 396px; } .h1, .h2, .h3, h1, h2, h3, .tt-title-text{ margin-top: 0px !important; margin-bottom: 0px !important; } } #fkgUBk { display: none; } </style> <meta name="twitter:card" content="summary_large_image" /> <meta name="twitter:description" content=""They can go find another sucker," Trump said in a social media post, responding to efforts by the BRICS group of countries to build a currency alternative to the dollar" /> <meta name="twitter:title" content="Trump’s 100% Tariffs Warning to BRICS Rattles Asian Currencies" /> <meta name="twitter:site" content="@ATFinancial_" /> <meta name="twitter:image" content="https://www.asiafinancial.com/wp-content/uploads/2024/11/rei-copy-21.jpg" /><script type="application/ld+json">{ "@context": "http:\/\/schema.org", "@type": "newsarticle", "inLanguage": "en", "url": "https:\/\/www.asiafinancial.com", "articleBody": " \r\n\r\nConcerns around Donald Trump\u2019s pledges of tariffs hurt Asian currencies once again on Monday, after the US president-elect warned on the weekend that he would impose 100% levies on BRICS countries if they seek to replace the dollar.\r\n\r\nThe BRICS countries include China, India and Russia, and Moscow <strong><a href="https:\/\/www.reuters.com\/world\/brics-summit-russia-push-end-dollar-dominance-2024-10-16\/" target="_blank" rel="noopener">has been looking to convince the bloc<\/a><\/strong> to build an alternative currency against a \u201cweaponised\u201d dollar, as key companies have been hit by US or Western sanctions because of the war in Ukraine.\r\n\r\nLast month, the bloc <strong><a href="https:\/\/www.reuters.com\/markets\/commodities\/russias-putin-outlines-brics-grain-exchange-proposal-2024-10-23\/" target="_blank" rel="noopener">met in Kazan city in Russia<\/a><\/strong>, where a BRICS currency was a key item of debate, with Moscow proposing a new payments system based on a network of commercial banks linked to each other through member countries\u2019 central banks.\r\n\r\n \r\n<h3>Also on AF: <a href="https:\/\/www.asiafinancial.com\/china-chip-sector-faces-a-third-wave-of-us-export-curbs">China Chip Sector Faces a Third Wave of US Export Curbs<\/a><\/h3>\r\n \r\n\r\nOn Saturday, Trump took to his social media platform, Truth Social, criticising the push.\r\n\r\n"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 US Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful US Economy," Trump wrote.\r\n\r\n"They can go find another 'sucker'. There is no chance that the BRICS will replace the US Dollar in International Trade, and any Country that tries should wave goodbye to America."\r\n\r\nTrump\u2019s tweets dealt a fresh blow to Asian currencies that have been in rough seas already over the last month amid concerns about his previous tariff threats.\r\n\r\nChina's yuan <strong><a href="https:\/\/www.reuters.com\/markets\/currencies\/chinas-yuan-slides-4-month-low-tariff-threats-mixed-pmi-data-2024-12-02\/" target="_blank" rel="noopener">fell to a four-month low<\/a><\/strong> as Trump\u2019s threats coupled with mixed purchasing managers' index (PMI) data raised concern the world\u2019s second-biggest economy might need additional policy support.\r\n\r\nThe onshore yuan dropped to a low of 7.2675 per dollar.\r\n\r\nMeanwhile, the Indian rupee <strong><a href="https:\/\/www.reuters.com\/markets\/currencies\/economic-growth-concerns-strong-ndf-dollar-bids-push-rupee-record-low-2024-12-02\/" target="_blank" rel="noopener">declined to its weakest level on record<\/a><\/strong> of 84.7050 against the dollar. Concerns about India\u2019s economic growth slowing to its lowest in seven quarters\u00a0weighed on the currency, along with a rally in the dollar thanks to Trump\u2019s comments.\r\n\r\n \r\n<h2>Any tariff threat to boost dollar<\/h2>\r\nThe worst hit was the Thai baht, which lost as much as 0.7% of its value \u2013 its worst day since mid-November. Malaysia's ringgit and Singapore's dollar also lost around half a percent.\r\n\r\nAn MSCI gauge of emerging market currencies\u00a0lost as much 0.4% during Asian trading hours\u00a0to hit\u00a0its lowest intraday level since November 14.\r\n\r\nThe US dollar, meanwhile,\u00a0<strong><a href="https:\/\/in.tradingview.com\/symbols\/TVC-DXY\/" target="_blank" rel="noopener">was\u00a0up more than 0.4%<\/a><\/strong> at around 106.22 against a basket of major currencies.\r\n\r\nYeap Jun Rong, a market strategist at trading platform IG, said while Trump\u2019s floated 100% tariff was likely just a warning for now,\u00a0any mention of tariffs may prompt an immediate upside reaction in the US dollar.\r\n\r\nMeanwhile, analysts at Maybank wrote in a note that \u201cthere is an ongoing push to reduce reliance on the USD and it remains to be seen if Trump can do anything to stop or delay this.\u201d\r\n\r\nResponding to Trump\u2019s threat, Kremlin spokesman Dmitry Peskov said on Monday that any attempt by the US to compel countries to use the dollar would backfire.\r\n\r\nPeskov said the dollar was losing its appeal as a reserve currency for many countries, and the trend was gathering pace.\r\n\r\nChinese state-backed newspaper Global Times also <strong><a href="https:\/\/twitter.com\/globaltimesnews\/status\/1863102972915577093" target="_blank" rel="noopener">posted<\/a><\/strong> similar comments on social media platform X.\r\n\r\nBy \u201cusing tariffs to threaten the world, the US will inevitably trigger domestic inflation, which in turn will undermine consumer and investor confidence,\u201d it said.\r\n\r\n\u201cHave US economists already calculated this cost?\u201d\r\n\r\n \r\n<ul>\r\n \t<li>Reuters, with additional editing and inputs by Vishakha Saxena<\/li>\r\n<\/ul>\r\n \r\n<h3>Also read:<\/h3>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/chinese-media-to-trump-there-are-no-winners-in-tariff-wars" target="_blank" rel="noopener">Chinese Media to Trump: \u2018There Are No Winners in Tariff Wars\u2019<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/trump-tariff-concerns-weigh-on-yuan-asian-currencies" target="_blank" rel="noopener">Trump Tariff Concerns Weigh on Yuan, Asian Currencies<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/retaliatory-trade-tariffs-could-backfire-on-asia-imf-warns" target="_blank" rel="noopener">Retaliatory Trade Tariffs Could Backfire on Asia, IMF Warns<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/china-facing-more-trade-rivalry-as-trump-claims-poll-win" target="_blank" rel="noopener">China Facing More Trade Rivalry as Trump Claims Poll Win<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/concerns-over-trump-cutting-bilateral-meetings-with-china" target="_blank" rel="noopener">Concerns Over Trump Cutting Bilateral Meetings With China<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/trumps-plan-to-kill-ev-tax-credits-could-benefit-china" target="_blank" rel="noopener">Trump\u2019s Plan to Kill EV Tax Credits \u2018Could Benefit China\u2019<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/trump-will-have-big-impacts-on-trade-climate-change-evs" target="_blank" rel="noopener">Trump Will Have Big Impacts on Trade, Climate Change, EVs<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/trump-says-hell-hit-china-with-big-tariffs-if-it-takes-taiwan" target="_blank" rel="noopener">Trump Says He\u2019ll Hit China With Big Tariffs if it Takes Taiwan<\/a><\/h4>\r\n<h4><a href="https:\/\/www.asiafinancial.com\/cop29-what-will-donald-trump-mean-for-global-carbon-markets" target="_blank" rel="noopener">What Will Donald Trump Mean For Global Carbon Markets?<\/a><\/h4>\r\n<h4><\/h4>\r\n ", "articleSection": "AF China Bond 50 Index", "mainEntityOfPage": { "@type": "WebPage", "url": "https:\/\/www.asiafinancial.com\/trumps-100-tariffs-warning-to-brics-rattles-asian-currencies" }, "headline": "Trump’s 100% Tariffs Warning to BRICS Rattles Asian Currencies", "description": ""They can go find another sucker," Trump said in a social media post, responding to efforts by the BRICS group of countries to build a currency alternative to the dollar", "datePublished": "2024-12-02T12:37:38+00:00", "dateModified": "2024-12-02T12:37:38+00:00", "publisher": { "@type": "Organization", "name": "Asia Financial", "logo": { "@type": "ImageObject", "url": "https:\/\/www.asiafinancial.com\/wp-content\/themes\/atf\/images\/AF-logo-small.png", "width": "640", "height": "97" } }, "author": { "@type": "Person", "name": "Asia Financial" }, "image": { "@type": "ImageObject", "url": "https:\/\/www.asiafinancial.com\/wp-content\/uploads\/2024\/11\/rei-copy-21.jpg" } }</script> <script async src="https://www.googletagmanager.com/gtag/js?id=G-CNH68EHNDT"></script> <script> window.dataLayer = window.dataLayer || []; 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font-size: 12px; font-weight: 500; margin-top: 10px; color: #aaaaaa;"> US President-elect Donald Trump gestures as he meets House Republicans on Capitol Hill. Photo: Reuters. </figcaption> </figure> </div> <div class="content"> <p> </p> <p>Concerns around Donald Trump’s pledges of tariffs hurt Asian currencies once again on Monday, after the US president-elect warned on the weekend that he would impose 100% levies on BRICS countries if they seek to replace the dollar.</p> <p>The BRICS countries include China, India and Russia, and Moscow <strong><a href="https://www.reuters.com/world/brics-summit-russia-push-end-dollar-dominance-2024-10-16/" target="_blank" rel="noopener">has been looking to convince the bloc</a></strong> to build an alternative currency against a “weaponised” dollar, as key companies have been hit by US or Western sanctions because of the war in Ukraine.</p> <p>Last month, the bloc <strong><a href="https://www.reuters.com/markets/commodities/russias-putin-outlines-brics-grain-exchange-proposal-2024-10-23/" target="_blank" rel="noopener">met in Kazan city in Russia</a></strong>, where a BRICS currency was a key item of debate, with Moscow proposing a new payments system based on a network of commercial banks linked to each other through member countries’ central banks.</p> <p> </p> <h3>Also on AF: <a href="https://www.asiafinancial.com/china-chip-sector-faces-a-third-wave-of-us-export-curbs">China Chip Sector Faces a Third Wave of US Export Curbs</a></h3> <p> </p> <p>On Saturday, Trump took to his social media platform, Truth Social, criticising the push.</p> <p>“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 US Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful US Economy,” Trump wrote.</p> <p>“They can go find another ‘sucker’. There is no chance that the BRICS will replace the US Dollar in International Trade, and any Country that tries should wave goodbye to America.”</p> <p>Trump’s tweets dealt a fresh blow to Asian currencies that have been in rough seas already over the last month amid concerns about his previous tariff threats.</p> <p>China’s yuan <strong><a href="https://www.reuters.com/markets/currencies/chinas-yuan-slides-4-month-low-tariff-threats-mixed-pmi-data-2024-12-02/" target="_blank" rel="noopener">fell to a four-month low</a></strong> as Trump’s threats coupled with mixed purchasing managers’ index (PMI) data raised concern the world’s second-biggest economy might need additional policy support.</p> <p>The onshore yuan dropped to a low of 7.2675 per dollar.</p> <p>Meanwhile, the Indian rupee <strong><a href="https://www.reuters.com/markets/currencies/economic-growth-concerns-strong-ndf-dollar-bids-push-rupee-record-low-2024-12-02/" target="_blank" rel="noopener">declined to its weakest level on record</a></strong> of 84.7050 against the dollar. Concerns about India’s economic growth slowing to its lowest in seven quarters weighed on the currency, along with a rally in the dollar thanks to Trump’s comments.</p> <p> </p> <h2>Any tariff threat to boost dollar</h2> <p>The worst hit was the Thai baht, which lost as much as 0.7% of its value – its worst day since mid-November. Malaysia’s ringgit and Singapore’s dollar also lost around half a percent.</p> <p>An MSCI gauge of emerging market currencies lost as much 0.4% during Asian trading hours to hit its lowest intraday level since November 14.</p> <p>The US dollar, meanwhile, <strong><a href="https://in.tradingview.com/symbols/TVC-DXY/" target="_blank" rel="noopener">was up more than 0.4%</a></strong> at around 106.22 against a basket of major currencies.</p> <p>Yeap Jun Rong, a market strategist at trading platform IG, said while Trump’s floated 100% tariff was likely just a warning for now, any mention of tariffs may prompt an immediate upside reaction in the US dollar.</p> <p>Meanwhile, analysts at Maybank wrote in a note that “there is an ongoing push to reduce reliance on the USD and it remains to be seen if Trump can do anything to stop or delay this.”</p> <p>Responding to Trump’s threat, Kremlin spokesman Dmitry Peskov said on Monday that any attempt by the US to compel countries to use the dollar would backfire.</p> <p>Peskov said the dollar was losing its appeal as a reserve currency for many countries, and the trend was gathering pace.</p> <p>Chinese state-backed newspaper Global Times also <strong><a href="https://twitter.com/globaltimesnews/status/1863102972915577093" target="_blank" rel="noopener">posted</a></strong> similar comments on social media platform X.</p> <p>By “using tariffs to threaten the world, the US will inevitably trigger domestic inflation, which in turn will undermine consumer and investor confidence,” it said.</p> <p>“Have US economists already calculated this cost?”</p> <p> </p> <ul> <li>Reuters, with additional editing and inputs by Vishakha Saxena</li> </ul> <p> </p> <h3>Also read:</h3> <h4><a href="https://www.asiafinancial.com/chinese-media-to-trump-there-are-no-winners-in-tariff-wars" target="_blank" rel="noopener">Chinese Media to Trump: ‘There Are No Winners in Tariff Wars’</a></h4> <h4><a href="https://www.asiafinancial.com/trump-tariff-concerns-weigh-on-yuan-asian-currencies" target="_blank" rel="noopener">Trump Tariff Concerns Weigh on Yuan, Asian Currencies</a></h4> <h4><a href="https://www.asiafinancial.com/retaliatory-trade-tariffs-could-backfire-on-asia-imf-warns" target="_blank" rel="noopener">Retaliatory Trade Tariffs Could Backfire on Asia, IMF Warns</a></h4> <h4><a href="https://www.asiafinancial.com/china-facing-more-trade-rivalry-as-trump-claims-poll-win" target="_blank" rel="noopener">China Facing More Trade Rivalry as Trump Claims Poll Win</a></h4> <h4><a href="https://www.asiafinancial.com/concerns-over-trump-cutting-bilateral-meetings-with-china" target="_blank" rel="noopener">Concerns Over Trump Cutting Bilateral Meetings With China</a></h4> <h4><a href="https://www.asiafinancial.com/trumps-plan-to-kill-ev-tax-credits-could-benefit-china" target="_blank" rel="noopener">Trump’s Plan to Kill EV Tax Credits ‘Could Benefit China’</a></h4> <h4><a href="https://www.asiafinancial.com/trump-will-have-big-impacts-on-trade-climate-change-evs" target="_blank" rel="noopener">Trump Will Have Big Impacts on Trade, Climate Change, EVs</a></h4> <h4><a href="https://www.asiafinancial.com/trump-says-hell-hit-china-with-big-tariffs-if-it-takes-taiwan" target="_blank" rel="noopener">Trump Says He’ll Hit China With Big Tariffs if it Takes Taiwan</a></h4> <h4><a href="https://www.asiafinancial.com/cop29-what-will-donald-trump-mean-for-global-carbon-markets" target="_blank" rel="noopener">What Will Donald Trump Mean For Global Carbon Markets?</a></h4> <h4></h4> <p> </p> <div class="tags"> Tags: <a href="https://www.asiafinancial.com/tag/brics" rel="tag">BRICS</a><a href="https://www.asiafinancial.com/tag/china-economy" rel="tag">China Economy</a><a href="https://www.asiafinancial.com/tag/china-russia" rel="tag">China-Russia</a><a href="https://www.asiafinancial.com/tag/currency-exchange" rel="tag">Currency Exchange</a><a href="https://www.asiafinancial.com/tag/donald-trump" rel="tag">Donald Trump</a><a href="https://www.asiafinancial.com/tag/indian-economy-news" rel="tag">Indian Economy News</a><a href="https://www.asiafinancial.com/tag/russian-invasion-of-ukraine" rel="tag">Russian invasion of Ukraine</a><a href="https://www.asiafinancial.com/tag/us-china" rel="tag">US-China</a><a href="https://www.asiafinancial.com/tag/us-india" rel="tag">US-India</a> </div> <div class="author-box"> <div class="profile_images"><img width="96" height="96" src="https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-96x96.jpg" class="avatar avatar-96 photo imgauthor" alt="" loading="lazy" srcset="https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-96x96.jpg 96w, https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-300x300.jpg 300w, https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-150x150.jpg 150w, https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-768x768.jpg 768w, https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-24x24.jpg 24w, https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4-48x48.jpg 48w, https://www.asiafinancial.com/wp-content/uploads/2024/01/Untitled-design-4.jpg 1000w" sizes="100vw" /></div> <div class="author-content"> <h3><a href="https://www.asiafinancial.com/author/vishakha-saxenaasiafinancial-com">Vishakha Saxena </a></h3> <p style="font-size: 14px;"> Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. 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