In a recent fiery statement, former U.S. President Donald Trump branded the BRICS economic alliance as a direct “assault” on the supremacy of the American dollar. He asserted that his firm stance and threats of imposing heavy tariffs on prospective members of the bloc led to a wave of withdrawals.
The BRICS group, currently consisting of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates, has frequently been a target of Trump’s criticism. He has consistently threatened to implement additional tariffs against the alliance, citing what he describes as their “anti-American” policies.
Conversely, BRICS member nations have themselves voiced considerable apprehension regarding the growing trend of unilateral tariffs and non-tariff measures. They argue these practices distort global trade and pose a significant risk to economic stability.
During a bilateral meeting with Argentine President Javier Milei on October 14, 2025, Trump emphasized his unwavering support for the dollar. He stated that any nation choosing to conduct its trade in U.S. dollars would inherently gain an “advantage” over those opting for alternative currencies.
Recounting his strategy, Trump claimed, “I informed any country considering joining BRICS that while their participation was acceptable, we would respond by levying tariffs on all their goods entering the United States. Consequently, everyone backed out; they are all abandoning BRICS.”
He reiterated his core belief: “BRICS was fundamentally an attack on the dollar.”
The former President underscored his warning to potential BRICS entrants: “If they wished to engage in that particular game, I would impose tariffs on every single product they exported to the U.S.”
He further suggested that had his political rivals, Joe Biden or Kamala Harris, secured the presidency, the U.S. dollar would have lost its standing as the global reserve currency. “The world would not be dominated by the dollar if I hadn’t won this election,” he declared.
Notably, just last month, the BRICS nations collectively expressed deep concern over the increasing use of trade-restrictive actions, including what they termed the “indiscriminate rising” of tariffs. They specifically highlighted measures perceived as “coercion,” warning that such tactics could marginalize countries in the Global South.
Earlier in the year, Mr. Trump had already implemented tariffs on various countries, including a significant 50% levy on Indian exports, demonstrating a consistent approach to trade policy.