Washington, DC [US]: US President Donald Trump reiterated his warning to BRICS nations on Monday, threatening 100% tariffs on trade with the United States if the bloc continues its de-dollarization efforts.
Speaking at a signing ceremony in the Oval Office, Trump 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.” The President’s remarks referred to the group’s ongoing efforts to reduce the use of the US dollar in global trade.
Trump emphasized that his statement was not intended as a threat but as a definitive policy position. “It’s not even a threat,” he said. “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.”
The President also criticized former US President Joe Biden’s comments on the matter, arguing that the US maintains significant leverage over BRICS countries and their plans to challenge dollar dominance.
Earlier, Trump had threatened to impose 100% tariffs on all imports from BRICS nations if they pursued the creation of a new global currency, an idea championed by the bloc to weaken the dollar’s dominance in international financial systems.
At the 15th BRICS Summit in 2023, Russian President Vladimir Putin highlighted the need for de-dollarization and encouraged increased use of national currencies in trade and financial transactions. Similarly, in June 2024, BRICS foreign ministers convened in Russia’s Nizhny Novgorod, calling for greater use of local currencies in both bilateral and multilateral financial dealings.
The ongoing push by BRICS—comprising Brazil, Russia, India, China, and South Africa—has aimed to counter the global dominance of the US dollar by fostering an alternative financial framework.