US President Donald Trump has said on Thursday that none of the BRICS countries will be able to replace the dollar in international trade. In his Truth Social, he again threatened the grouping states with 100 per cent tariffs if they try to create a new currency.
Trump wrote:
“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% Tariffs.”
He also said BRICS “have no chance of replacing the dollar, and countries that try to do so will say hello to tariffs and goodbye to America.”
This is not the first time Trump has made such statements. In November 2024, he already warned of imposing 100 per cent tariff if the BRICS countries created their own currency. At the same time, he advised the states of the association to “find another simpleton” and said that any attempt to replace the dollar would lead to a “breakdown in relations with America.”
In October 2024, the declaration signed at the BRICS summit said that the BRICS member states, among other things, called for minimising trade barriers and strengthening BRICS banking networks for settlements in national currencies. The parties also declared their readiness to discuss the BRICS Clear initiative, under which Russia proposes to create a unified infrastructure for securities accounting, as well as the BRICS independent reinsurance potential.
BRICS is an association of ten countries: Brazil, Russia, India, China, South Africa, as well as the UAE, Iran, Egypt, Ethiopia and Indonesia. Founded in 2006 as BRIC, the association expanded at the 2023 summit. The BRICS countries seek to strengthen economic and political co-operation, as well as to build alternative global institutions. Important areas of focus are sustainable development, improving financial systems and strengthening interstate investment.
