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Wharton’s Jeremy Siegel called Trump’s 100% BRICS tariffs ironic, noting bitcoin—which Trump backs—is a bigger threat to the dollar as a global reserve.
Wharton Professor: Trump’s Bitcoin Advocacy Contradicts BRICS Tariff Threats
Jeremy Siegel, professor emeritus of finance at the Wharton School, commented Monday on President-elect Donald Trump’s plan to impose 100% tariffs on BRICS nations if they pursue a shared currency to challenge the U.S. dollar as the global reserve. In a CNBC interview, Siegel expressed skepticism about Trump’s plan, highlighting a potential contradiction related to bitcoin. He said:
I find that really curious because I think the biggest threat to the dollar being used as a reserve currency is bitcoin, which we all hear Trump is a big supporter of.
“So, it seems a little bit strange to tell them, ‘don’t produce an alternative reserve currency,’ when really bitcoin is being talked about by many countries in the world as their alternative currency. Some of them [are] getting rid of gold and going into bitcoin,” Siegel added.
Trump has issued a stern warning to the BRICS nations, threatening to impose 100% tariffs if they pursue the creation of a new currency intended to supplant the U.S. dollar in global trade. His demand for a commitment to maintain the dollar’s dominance comes amid BRICS’ ongoing discussions to reduce reliance on the U.S. dollar, a move that could mitigate the impact of Western sanctions on member countries like Russia and Iran. The Kremlin has criticized Trump’s threats, suggesting that such U.S. actions could accelerate the global shift away from the dollar. Financial markets have reacted to the heightened tensions, with bond yields rising due to renewed inflation concerns.
The President-elect’s support for BTC has marked a significant shift in his stance on cryptocurrencies. Initially skeptical, Trump has embraced bitcoin, describing it as a strategic asset for the U.S. economy. During his 2024 presidential campaign, he proposed establishing a national bitcoin reserve and hinted at regulatory reforms to encourage blockchain innovation. As bitcoin’s value surged to record highs, analysts credit this partly to expectations of a friendlier regulatory landscape under a Trump-led administration, signaling a new chapter for cryptocurrency adoption in the U.S.