Highlights:
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President Trump called BRICS’ efforts to reduce reliance on the U.S. dollar “an attack on the dollar.”
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Trump said his earlier threats to impose tariffs forced some countries to drop out of BRICS discussions on a common currency.
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He claimed the dollar’s global dominance would not have survived without his 2024 election victory.
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Trump warned that nations joining or supporting BRICS could face 100 percent tariffs on exports to the United States.
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Despite Trump’s claims, the BRICS bloc has expanded to ten members and multiple partner states, with no confirmed withdrawals.
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Economists dispute Trump’s statements, noting that BRICS has made little progress toward de-dollarization or creating a rival currency.
President Donald Trump has once again accused the BRICS alliance of launching what he called “an attack on the dollar.” Speaking to reporters on October 14, Trump said his earlier threats to impose tariffs had stopped countries from pursuing a joint currency that could rival the U.S. dollar. “I told anybody who wants to be in BRICS, that’s fine, but we’re going to put tariffs on your nation,” Trump said. He added, “Everybody dropped out, and they don’t even talk about it anymore.”
Trump’s comments came during a meeting with Argentine President Javier Milei, where he repeated that his administration’s trade policies were key to preserving the dollar’s dominance. According to Trump, the U.S. dollar might not have remained the world’s leading reserve currency without his 2024 election victory. He also warned that any nation joining or supporting BRICS could face 100 percent tariffs on exports to the United States.
Trump and His Tariff Strategy
Trump’s remarks align with his long-standing protectionist approach to global trade. He has consistently promoted tariffs as a tool to defend American economic interests and challenge trade blocs or countries he views as competitors. Trump’s position is that by threatening high tariffs, the U.S. can pressure nations to avoid economic alliances that might reduce the dollar’s influence.
However, his claim that countries have “dropped out” of BRICS because of his actions remains unverified. The BRICS bloc has in fact expanded, not contracted, since Trump first made such assertions. This raises doubts about whether his tariffs or trade threats had any measurable impact on the group’s development or monetary discussions.
What BRICS Actually Represents
The BRICS grouping, which originally consisted of Brazil, Russia, India, China, and South Africa, now includes five new members: Egypt, Ethiopia, Iran, the UAE, and Indonesia. Several other countries, including Belarus and Bolivia, are partner states, while others such as Pakistan and Sri Lanka have applied for membership.
The goal of BRICS is to enhance cooperation among emerging economies, not necessarily to replace the dollar outright. Although the term “de-dollarization” appears frequently in BRICS discussions, analysts point out that the group has not created any functional alternative currency or payment system to rival the dollar’s global role.
Why Trump’s ‘Attack on the Dollar’ Claim Doesn’t Hold
Economists say that Trump’s claim about BRICS “attacking” the dollar exaggerates the group’s capacity to challenge U.S. monetary dominance. According to experts from the Committee for the Abolition of Illegitimate Debt (CADTM), BRICS has made little tangible progress toward a shared financial system.
Current data supports this view. The U.S. dollar accounted for about 58 percent of global foreign exchange reserves in 2025, only slightly down from 59 percent in 2022, according to the International Monetary Fund. Nearly 84 percent of international trade continues to be settled in dollars. These figures suggest that the dollar remains the central currency in global finance, despite discussions about diversification.
Trump’s narrative portrays BRICS as a serious threat, but the facts indicate otherwise. The alliance’s economic influence remains limited by differences among member nations, competing political agendas, and the logistical challenges of creating a shared currency system.
India’s Position Counters Trump’s Argument
One of the key BRICS members, India, has publicly rejected the idea of weakening the dollar. External Affairs Minister S. Jaishankar made it clear that New Delhi “has no interest” in undermining the American currency. He also emphasized that the United States remains India’s largest trading partner, reinforcing that India’s economic priorities align more with cooperation than confrontation.
India’s position undermines Trump’s assertion that BRICS nations are united in an effort to “attack” the dollar. Instead, it reflects the complex economic ties between major global players who depend on trade with the United States.
Trump’s Trade Threats and Global Implications
Trump’s renewed threats to impose tariffs—up to 100 percent on BRICS members and potentially 10 percent on imports from what he terms “anti-American” economies—could have significant global trade consequences. Such measures risk reigniting trade tensions, which the International Monetary Fund has identified as a major threat to global economic growth.
While Trump presents his tariff policy as a means of safeguarding U.S. dominance, economists warn that it could isolate the United States from key emerging markets. In an interconnected global economy, high tariffs could disrupt supply chains and weaken diplomatic relationships rather than strengthen the dollar’s position.
Assessing the Reality Behind Trump’s Statements
Trump’s claims about stopping BRICS countries from pursuing de-dollarization lack supporting evidence. The group continues to expand, its members continue trade discussions, and the dollar remains the primary global currency. Trump’s assertion that his election victory preserved dollar dominance overlooks the economic fundamentals that sustain the U.S. currency’s strength—such as the size of the U.S. economy, its deep financial markets, and its global trust as a stable reserve.
In short, Trump’s statements reflect political positioning rather than economic reality. While his focus on protecting the dollar appeals to nationalist sentiment, data and expert analysis show that BRICS is not currently capable of threatening the dollar’s supremacy.
