US President Donald Trump strongly criticized BRICS, calling it a failed project. He claimed most member nations did not support it. Moreover, he said the bloc collapsed after his warning. He also threatened a 100% tariff on BRICS nations if they attempted to replace the US dollar.
During a press briefing on Thursday, Trump made his stance clear. He warned that the US would stop trading with BRICS if they challenged the dollar. However, if trade continued, it would face heavy tariffs.
Trump’s Strong Warning
When asked if he wanted to dismantle or join BRICS, Trump responded:
“I don’t care, but BRICS was put there for a bad purpose and most of those people don’t want it. They don’t even want to talk about it now. They’re afraid to talk about it because I told them if they want to play games with the dollar, then they’re going to be hit with a 100 per cent tariff. The day they mention that they want to do it and they will come back and say we beg you, we beg you not to do this. BRICS is dead since I mentioned that. BRICS died the minute I mentioned that and I know I remember when Obama and Biden, in particular, I guess he said that oh, they have us over a barrel.”
Furthermore, Trump rejected claims that the US was at a disadvantage. Instead, he argued that BRICS nations were actually in a weaker position.
“They don’t have us over a barrel. We have them over a barrel. If BRICS wants to play games, those countries won’t trade with us. We won’t trade with them and if any trading gets through it’ll be a 100 per cent tariff at least. When they hear that, what do you think they’re going to do? They’re going to say look what happened to BRICS. They didn’t want to talk about it. They don’t even want to admit that they were a member of BRICS. That’s what’s happened.”
Threats Against De-Dollarisation
Previously, Trump strongly opposed BRICS’ efforts to introduce an alternative currency. In January, he reiterated his position on Truth Social. Consequently, he warned that any country supporting a new BRICS currency would face severe tariffs.
He wrote:
“The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER. We are going to require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar or, they will face 100 per cent Tariffs, and should expect to say goodbye to selling into the wonderful US Economy. They can go find another sucker Nation. There is no chance that BRICS will replace the US Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!”
As a result, Trump made it clear that the US would not allow any move against the dollar. While addressing a signing ceremony at the Oval Office, he dismissed claims that the US was vulnerable. He also referenced a past comment from President Joe Biden.
“It’s not even a threat. In fact, since I made that statement, Biden said, they have us over a barrel. I said, No, we have them over a barrel. And there’s no way they’re going to be able to do that.”
BRICS Pushes for Local Currencies
Earlier, Trump had warned BRICS nations about severe economic consequences. He threatened 100% tariffs if they moved forward with a new currency.
Meanwhile, the issue gained attention at the 15th BRICS Summit in 2023. Russian President Vladimir Putin called for de-dollarisation. In addition, he urged members to trade in local currencies and strengthen banking ties.
Similarly, in June 2024, BRICS foreign ministers met in Russia’s Nizhny Novgorod. They pushed for the use of local currencies in trade and finance. However, Trump remains firm in his stance.
Ultimately, he insists BRICS nations cannot challenge the US dollar. His warnings have set the stage for possible economic tensions.
