
President Donald Trump has reinforced his position against efforts by BRICS nations to move away from the U.S. dollar, warning that any attempt to introduce an alternative reserve currency would be met with severe economic consequences.
In a Truth Social post on Thursday, Trump stated that the U.S. would demand a commitment from BRICS members that they will not support or create a currency meant to challenge the dollar. “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 U.S. Dollar or, they will face 100% Tariffs,” he wrote.
BRICS: we’re considering replacing the dollar
Trump: 100% tariff pic.twitter.com/Eezh0Y9RCX
— Rothmus 🏴 (@Rothmus) January 31, 2025
BRICS, originally founded by Brazil, Russia, India, and China in 2009, expanded when South Africa joined in 2010. More recently, Egypt, Ethiopia, Iran, the United Arab Emirates, and Indonesia have become members. While BRICS does not currently have a shared currency, discussions about reducing reliance on the dollar have grown, particularly after Russia was hit with sanctions following its invasion of Ukraine.
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
Trump first made a similar warning in November after winning the presidential election. At the time, Russia dismissed the idea that the U.S. could dictate global financial decisions, arguing that economic pressure would only push more nations toward alternative currencies.
The former president also linked his trade stance on BRICS to his broader economic agenda, which includes a proposed 25% tariff on imports from Mexico and Canada starting Feb. 1. He has said this measure is aimed at stopping illegal immigration and 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 BRICS members considering ways to increase trade using their own currencies, the U.S. dollar remains dominant. The Atlantic Council’s GeoEconomics Center has reported that no major alternative has successfully reduced global reliance on the dollar.
South Africa’s Department of International Relations and Cooperation addressed the matter, saying that while BRICS supports expanding the use of national currencies in trade, there is no plan to introduce a single BRICS-backed currency. The group’s focus, according to South African officials, is on improving financial systems that allow for transactions in local currencies.
The BRICS alliance continues to grow, with Indonesia becoming its latest full member in January. While some leaders within the group have floated the idea of a gold-backed currency, no formal steps have been taken to create one.