Donald Trump has issued a stark warning to the BRICS alliance, accusing the group of attempting to undermine the U.S. dollar’s dominance and vowing swift economic retaliation.
During a press briefing at the White House on Friday, the former U.S. president criticized BRICS nations for exploring ways to shift away from the dollar. “They thought they could dethrone the dollar,” Trump said. “Well, I made it very simple — if you’re part of BRICS, expect a 10% tariff.”
He described the dollar’s global role as essential to U.S. power. “Losing our reserve currency would be a disaster — the economic equivalent of losing a world war,” he warned.
Trump also claimed his threat had rattled the BRICS summit held recently in Rio de Janeiro. “They had a meeting the next day — hardly anyone bothered to show up,” he said.
That account, however, contradicts reports showing high-level turnout at the event. While Chinese President Xi Jinping and Russian President Vladimir Putin were absent, both countries were represented — with China’s Premier Li Qiang attending in person and Putin addressing delegates remotely. Other attendees included the presidents and prime ministers of Brazil, India, South Africa, Indonesia, Egypt, Iran, Ethiopia, and the UAE.
Russia’s Finance Minister Anton Siluanov stated in October that trade among BRICS countries is increasingly conducted in local currencies, with their share rising to 65%, while the dollar and euro combined have fallen below 30%.
Foreign Minister Sergey Lavrov echoed this sentiment earlier this week, saying BRICS is pursuing alternative payment methods to protect against what he called Washington’s unpredictability.
Still, Russia’s Deputy Foreign Minister Sergey Ryabkov maintained that BRICS is not positioning itself as a competitor to the United States. However, he warned that threatening language from Washington would not be welcomed by the group.
