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Trump Asserts BRICS 'Is No More' in Light of Tariff Threats
US President Donald Trump cautions BRICS countries about significant tariffs if they opt for currency alternatives to the US dollar.
US President Donald Trump has proclaimed that the BRICS coalition, which includes Brazil, Russia, India, China, and South Africa, is 'dead,' citing his belief that it was established with 'bad intentions.' During a press conference on Thursday, Trump reiterated his threat to implement a 100% tariff on BRICS countries if they attempt to substitute the US dollar with another currency in global trade.
Trump's comments specifically focused on the bloc's purported efforts to create alternative trading systems that challenge the dollar's supremacy.
‘The US will not engage in trade with BRICS nations if they want to play games,’ Trump remarked, implying that any future trade agreements would incur significantly high tariffs.
He added, 'Those countries won't trade with us. We won't trade with them,' suggesting grave economic repercussions for nations involved in BRICS initiatives that contest the dollar's dominance.
The president's statements arise amid growing discussions among BRICS members about the possibility of de-dollarization.
Earlier in January, Trump warned via his platform, Truth Social, that he would impose tariffs on BRICS countries pursuing a new currency, asserting that such actions would not go unchallenged by the United States.
During the 2023 BRICS Summit, Russian President Vladimir Putin highlighted the importance of member nations increasing their trade in national currencies and enhancing banking cooperation.
In June 2024, BRICS foreign ministers gathered in Nizhny Novgorod, Russia, promoting the greater use of local currencies in both bilateral and multilateral trade transactions.
Trump, referencing former President Joe Biden's comments about the US's economic stance, emphasized that the United States holds substantial leverage over BRICS nations.
He stated, '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.'
Historically, Trump's position embodies a wider skepticism towards multilateral agreements and alternative economic frameworks that could undermine the US dollar's entrenched status as the principal currency for global trade.
Trump's comments specifically focused on the bloc's purported efforts to create alternative trading systems that challenge the dollar's supremacy.
‘The US will not engage in trade with BRICS nations if they want to play games,’ Trump remarked, implying that any future trade agreements would incur significantly high tariffs.
He added, 'Those countries won't trade with us. We won't trade with them,' suggesting grave economic repercussions for nations involved in BRICS initiatives that contest the dollar's dominance.
The president's statements arise amid growing discussions among BRICS members about the possibility of de-dollarization.
Earlier in January, Trump warned via his platform, Truth Social, that he would impose tariffs on BRICS countries pursuing a new currency, asserting that such actions would not go unchallenged by the United States.
During the 2023 BRICS Summit, Russian President Vladimir Putin highlighted the importance of member nations increasing their trade in national currencies and enhancing banking cooperation.
In June 2024, BRICS foreign ministers gathered in Nizhny Novgorod, Russia, promoting the greater use of local currencies in both bilateral and multilateral trade transactions.
Trump, referencing former President Joe Biden's comments about the US's economic stance, emphasized that the United States holds substantial leverage over BRICS nations.
He stated, '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.'
Historically, Trump's position embodies a wider skepticism towards multilateral agreements and alternative economic frameworks that could undermine the US dollar's entrenched status as the principal currency for global trade.