Donald Trump threatens 100% tariff on countries that turn away from the dollar

“You leave the dollar and you’re not doing business with the United States because we are going to put a 100% tariff on your goods,” the Republican presidential nominee said at a rally in the battleground state of Wisconsin.  

The statement follows months of discussions between Trump and his economic advisers on ways to penalize allies or adversaries who seek active ways to engage in bilateral trade in currencies other than the dollar. 

Options have included export controls, currency manipulation charges and tariffs, people familiar with the matter have previously told Bloomberg News. 

Trump, who has long embraced protectionist trade policies, said the dollar has been “under major siege” for eight years. China, India, Brazil, Russia and South Africa discussed de-dollarization at a summit last year. By contrast, Trump wants the dollar to remain the world’s reserve currency, a pledge he renewed at Saturday’s rally.

Wisconsin is one of the most critical swing states in the race between Trump and Democratic rival Kamala Harris. The two are fighting for the support of the state’s working-class voters, uneasy with President Joe Biden’s economic agenda and drawn to Trump’s populist appeals.

A Bloomberg News/Morning Consult poll released last week showed Harris leading in Wisconsin by 8 percentage points, the largest lead over Trump she has among the seven battleground states in the poll.

Trump’s Wisconsin rally caps off a campaign swing that included Pennsylvania and North Carolina, as well as a stop in his hometown of New York City where he delivered an economy-focused address and held a press conference.

Harris spent Saturday in Pennsylvania preparing for a Tuesday debate with Trump, the next big test that could change the course of the close race.