
President Donald Trump has warned BRICS nations against shifting away from the U.S. dollar, restating his threat of 100% tariffs on any country attempting to introduce an alternative reserve currency.
Posting on Truth Social on Thursday, Trump said that BRICS members must pledge not to create or back a currency that could challenge the dollar. “There is no chance that BRICS will replace the U.S. Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!” he wrote.
BRICS: we’re considering replacing the dollar
Trump: 100% tariff pic.twitter.com/Eezh0Y9RCX
— Rothmus 🏴 (@Rothmus) January 31, 2025
The BRICS group consists of Brazil, Russia, India, China, and South Africa, with recent additions including Egypt, Ethiopia, Iran, the United Arab Emirates, and Indonesia. While the bloc does not have a common currency, discussions about alternative trade systems have increased, especially after the U.S. and its allies imposed financial sanctions on Russia.
Donald Trump just ENDED BRICS
He’s promising 100% tariffs if they abandon the US Dollar. How much would that cost BRICS (Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates) per year?
That estimated total is $1.6 TRILLION PER YEAR pic.twitter.com/ZOd58ovYFV
— Wall Street Apes (@WallStreetApes) January 31, 2025
This is not the first time Trump has made such a statement. Shortly after winning the presidential election in November, he issued nearly identical remarks. Russian officials at the time dismissed the idea that the U.S. could force countries to rely on the dollar, warning that such actions could push more nations toward alternatives.
The former president also referenced his broader trade policies, including a proposed 25% tariff on goods from Mexico and Canada set to begin Feb. 1. He has linked this measure to efforts to curb illegal immigration and drug trafficking, particularly the flow of fentanyl into the U.S.
🚨JUST ANNOUNCED: My God! POTUS President Trump hints at 100% tariffs on BRICS countries if they create a new BRICS Currency or back any other Currency to replace the U.S. Dollar. pic.twitter.com/HJKSSLfKKz
— AJ Huber (@Huberton) January 31, 2025
Despite speculation about BRICS-led financial alternatives, the U.S. dollar remains dominant in global markets. The Atlantic Council’s GeoEconomics Center has reported that neither the euro nor BRICS economies have been able to significantly weaken reliance on the dollar.
South African officials addressed the situation, stating that BRICS is not actively working toward a unified currency but is instead focused on increasing trade in national currencies. “The strengthening of correspondent banking networks and the development of infrastructure for settlements in national currencies could further this aim,” the country’s Department of International Relations and Cooperation said.
The BRICS alliance, initially formed in 2009, has continued to grow, with Indonesia becoming its latest full member in January. Though discussions about a potential BRICS-backed currency persist, no concrete steps have been taken to establish one.