Donald Trump promises a 100% tariff on countries leaving the dollar

“Leave the dollar and don’t do business with the United States because we’re going to put a 100 percent tariff on your goods,” the Republican presidential candidate 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 that seek active ways to engage in bilateral trade in currencies other than the dollar.

The options included export controls, currency handling fees and tariffs, people familiar with the matter previously told Bloomberg News.

Trump, who has long embraced protectionist trade policies, said the dollar had been “under major siege” for eight years. China, India, Brazil, Russia and South Africa discussed de-dollarization at a summit last year. Instead, Trump wants the dollar to remain the world’s reserve currency, a commitment 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 vying for the support of the state’s working-class voters, uneasy about 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 Wisconsin by 8 percentage points, the largest lead he has over Trump of the seven battleground states in the poll.

Trump’s rally in Wisconsin caps a campaign swing that has included Pennsylvania and North Carolina, as well as a stop in his hometown of New York City, where he gave an economic-focused speech and held a news conference.

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