Janice R. Andrews
In a bold and controversial statement, former US President Donald Trump has declared that the BRICS alliance is “dead” and reiterated his threat to impose a 100% tariff on member nations if they attempt to replace the US dollar with an alternative currency. Trump’s remarks, made during a press briefing on Thursday, have sparked global debate over the future of the economic bloc and the dominance of the US dollar in international trade.
Trump’s Strong Stance Against BRICS
Trump accused BRICS—comprising Brazil, Russia, India, China, and South Africa—of being “created for a bad purpose” and claimed that most member nations no longer support the alliance. He warned that any attempt to undermine the US dollar’s role in global trade would result in severe economic consequences. “If they want to play games with the dollar, they’re going to be hit with a 100% tariff,” Trump stated. “BRICS is dead since I mentioned that.”
The former president dismissed the idea that the US is vulnerable to BRICS’ efforts to de-dollarize, asserting that the US holds the upper hand. “They don’t have us over a barrel. We have them over a barrel,” he said, referencing a statement made by President Joe Biden. Trump emphasized that BRICS nations would face significant economic repercussions if they pursued alternative currencies, including losing access to the lucrative US market.
A History of Tariff Threats
This is not the first time Trump has targeted BRICS nations with tariff threats. Earlier this year, he warned on Truth Social that the US would impose 100% tariffs on imports from BRICS countries if they attempted to introduce a new currency. “There is no chance that BRICS will replace the US dollar in international trade,” Trump wrote. “Any country that tries should say hello to tariffs and goodbye to America.”
Trump’s stance reflects his broader commitment to maintaining the US dollar’s dominance in global finance. He has consistently opposed efforts by BRICS and other nations to reduce their reliance on the dollar, viewing such moves as a direct challenge to US economic power.
BRICS’ Push for De-Dollarization
Despite Trump’s warnings, BRICS nations have been actively exploring ways to reduce their dependence on the US dollar. During the 15th BRICS Summit in 2023, Russian President Vladimir Putin called for increased use of national currencies in trade settlements and enhanced cooperation between member countries’ banks. In June 2024, BRICS foreign ministers met in Russia’s Nizhny Novgorod, where they advocated for the “enhanced use of local currencies in bilateral and multilateral trades and financial transactions.”
These efforts are part of a broader strategy to create a more multipolar global financial system, reducing the influence of the US dollar and mitigating the impact of US sanctions. However, Trump’s latest threats highlight the challenges BRICS faces in achieving this goal, particularly given the economic leverage the US wields.
Global Implications of Trump’s Threats
Trump’s statements have raised concerns about the potential for increased economic tensions between the US and BRICS nations. A 100% tariff on imports from these countries would disrupt global trade, leading to higher costs for consumers and businesses worldwide. It could also escalate geopolitical tensions, particularly with China and Russia, two key BRICS members already at odds with the US.
Moreover, Trump’s dismissal of BRICS as “dead” underscores the growing divide between the US and emerging economies seeking to reshape the global economic order. While BRICS represents nearly 40% of the world’s population and a significant share of global GDP, its ability to challenge the US dollar’s dominance remains uncertain in the face of such aggressive opposition.
Conclusion
Donald Trump’s declaration that “BRICS is dead” and his threat of 100% tariffs on member nations have reignited debates about the future of the economic bloc and the US dollar’s role in global trade. While BRICS continues to push for de-dollarization and greater financial independence, Trump’s uncompromising stance highlights the significant challenges it faces. As the world watches this unfolding economic showdown, the outcome could have far-reaching implications for global trade, geopolitics, and the balance of power in the international financial system.
