“We will be demanding a commitment from these nations that they will not create a new BRICS currency, nor will they back any currency to replace the mighty USD. If they do not, they will face a 100% tariff and should prepare to say goodbye to the great American market,” President Donald Trump wrote on the social network Truth Social.
“The BRICS countries trying to move away from the dollar while we stood by and watched is over,” Trump continued. “They can go find another country to take advantage of. There is no chance of BRICS replacing the dollar in international trade or anywhere else, and any country that tries should prepare for tariffs and say goodbye to the United States!”
Previously, Mr. Donald Trump also threatened to impose a 100% tax on goods from BRICS countries if they sought to create a common currency or abandon the USD.
In response, Indian Foreign Minister Subrahmanyam Jaishankar affirmed that his country “has never supported de-dollarization”.
Meanwhile, Russian Deputy Foreign Minister Sergey Ryabkov - BRICS representative - said the bloc is ready to explain to President Trump that the goal of BRICS is not to abandon the USD, but to draw lessons from Washington's wrong policies.
BRICS was founded in 2006 with four founding members: Brazil, Russia, India and China. South Africa joined the bloc in 2011. On January 1, 2024, four more countries: Egypt, Iran, UAE and Ethiopia officially joined. Saudi Arabia has also received an invitation but is still considering it.
In 2024, Russia takes over the BRICS presidency, with the most important event being the Kazan Summit on October 22-24, where it was decided to establish the “BRICS partnership” group.
The first countries to be recognized as BRICS partners were Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda and Uzbekistan. Indonesia was initially considered a BRICS partner, but on January 6, 2025, Brazil announced that it had been granted full membership.
