RT reported that speaking at a meeting with senior BRICS representatives on February 27, Brazilian President Luiz Inacio Lula da Silva affirmed that Brazil's BRICS presidency in 2025 will continuously strive to de-dollarize and promote the building of a multipolar world.
The Brazilian president stressed that BRICS is determined to reduce its dependence on the US dollar despite US President Donald Trump's tariff threats and will continue to seek options to shift trade away from the US dollar.
US President Donald Trumps threats to impose tariffs will not deter the groups determination to seek alternative platforms for payments between member states, President Lula affirmed.
Mr Trump has made many threats to BRICS since being elected last November. He acknowledged that BRICS' efforts aim to reduce dependence on the US dollar in bilateral trade and promote national currencies to weaken the dominance of the US dollar and he wants to fight against that trend.
President Trump has repeatedly threatened to cut trade with BRICS members if they try to destroy the US dollar, warning of a 150% tariff on any attempt to create a currency to replace the US dollar.
"The BRICS countries are looking to destroy our USD. They want to create a new currency," Trump said on February 20 at the Republican Governors' Association in Washington, D.C.
"Therefore, the first thing I want to say is that "any BRICS country that mentions the destruction of the US dollar will be subject to a 150% tariff." We do not need your goods," the US leader added.
According to various estimates, BRICS members now account for about 46% of the world's population and more than 36% of global GDP.
Speculation about the potential BRICS common currency has been rampant in recent years. In 2023, President Lula also spoke in support of the idea of a currency used to trade in this economic group, compared to the euro.
Although BRICS members have denied plans to establish a common currency, member countries have stepped up efforts to reduce their dependence on Western currencies in bilateral trade in recent years.
This trend has gained significant momentum after Russia was cut off from the Western financial system and its foreign exchange reserves were frozen in 2022, as part of sanctions related to Ukraine.
BRICS countries, including Russia, have said the US is weakening the US dollar by politicizing it with sanctions.
