Trump vows 100% tariff on nations abandoning dollar trade

Former U.S. President and Republican candidate in the November presidential election, Donald Trump, announced during a rally in Wisconsin that if he wins the election, he will impose a 100 percent tariff on goods from countries that abandon dollar-based trade, Bloomberg reported.

Donald Trump announced during Saturday's meeting with voters in the northern U.S. state that if you abandon the dollar, you will not do business with the United States because we will impose a 100-percent tariff on your goods.

The statement follows months of discussions between Trump and his economic advisors on how to punish countries that seek ways to engage in international trade in currencies other than the dollar - the agency noted.

Trump, who has long advocated for protectionist trade policies, assessed that the dollar has been "under great siege" for eight years. Discussions on ways to "de-dollarize" global economic relations are being led by China, India, Brazil, Russia, and South Africa - Bloomberg noted.

Trump wants the dollar to remain the world reserve currency, which he confirmed during Saturday's rally - the agency added.

The International Monetary Fund stated that in the first quarter of 2024, the U.S. currency still comprised 59 percent of official global currency reserves. The euro came in second with 20 percent.

Wisconsin is one of the swing states, playing a crucial role in the electoral race between Trump and Democratic candidate Kamala Harris. The U.S. presidential election will take place on November 5, 2024.