Putin Highlights Dollar’s Declining Role in Response to Trump’s 100% Tax Threat on BRICS

Photo: TASS

In response to US President-elect Donald Trump's threat to impose a 100% tax on goods from BRICS countries if the alliance moves away from the dollar, Russian President Vladimir Putin pointed out significant changes in the global economy since Trump's previous term.

Earlier, Trump said that he would impose 100% customs duties on goods from BRICS member states should the alliance move away from the dollar.

"It’s been four years since the [US] President-elect was in the White House. During this time, the economy has undergone many changes, both globally and in America. His successors, his political opponents, have done a great deal to undermine the fundamental role of the dollar as a global reserve currency," Putin said at the VTB Russia Calling! Investment Forum, adding that the dollar is now used as a tool of political pressure, The Caspian Post reports, citing Russian media.

That said, the dollar’s clout is decreasing globally, Putin noted. "Given that the US’ share in the global economy is shrinking, the dollar’s influence on global economic processes, naturally, is also falling. And as this happens, new tools come to the fore," he said, adding that no one can prohibit the use of new technologies and instruments.

The 15th VTB Russia Calling! Investment Forum runs from December 4-5 in Moscow. Its main theme is The Future of Capital and the Capital of the Future. The forum’s agenda covers the most pressing issues facing the global economy. TASS is the information partner of the forum.