In a recent post on Truth Social, U.S. President Donald Trump reiterated his firm stance against the BRICS nations’ efforts to move away from the U.S. dollar. He warned that any attempt to establish a new BRICS currency or support an alternative to the dollar would result in severe economic consequences.
“The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER. 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 per cent Tariffs, and should expect to say goodbye to selling into the wonderful US Economy. They can go find another sucker Nation. There is no chance that BRICS will replace the US Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!”
This statement reinforces Trump’s position on de-dollarization, emphasizing that BRICS countries must commit to maintaining the U.S. dollar’s role in global trade or face economic repercussions. His post underscores that any attempt to introduce a new BRICS currency or back another alternative to replace the dollar would result in a complete trade tariff against those nations.
Trump’s remarks signal a firm stance against financial shifts that could challenge the U.S. economy’s influence in international trade.
Previously, during a signing ceremony at the Oval Office, Trump directly warned BRICS countries against moving away from the dollar. He stated, “As a BRICS nation… they’ll have a 100 per cent tariff if they so much as even think about doing what they thought, and therefore they’ll give it up immediately.”
He also rejected the notion that the U.S. was in a vulnerable position, referencing a statement from former President Joe Biden. Trump insisted that the U.S. holds leverage over BRICS countries, stating, “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. And there’s no way they’re going to be able to do that.”
BRICS nations have been actively working on reducing dollar dependence. During the plenary session of the 15th BRICS Summit in 2023, Russian President Vladimir Putin called for de-dollarization, stating that “BRICS countries must expand settlements in national currencies and enhance cooperation between banks.” In June 2024, BRICS foreign ministers met in Nizhny Novgorod, Russia, where they advocated for the “enhanced use of local currencies in bilateral and multilateral trades and financial transactions between the member countries.”
Trump’s latest remarks reinforce his administration’s commitment to protecting the U.S. dollar’s dominance in global trade.