President Trump has made another clear threat toward the BRICS group, warning that any serious move by the bloc to challenge the dollar’s global role will face harsh economic retaliation. He stated that Washington would hit BRICS members with 10% tariffs if they continue trying to build an alternative financial order. His remarks followed the latest BRICS summit, which he claimed was derailed by his threats. He also said preserving the dollar’s role as the world’s reserve currency is vital to American global dominance and compared its loss to defeat in a major war.
His claim that the BRICS summit collapsed is false though. The meeting in Rio de Janeiro went ahead with broad representation, and was successful. Leaders from Brazil, India, South Africa, Egypt, Ethiopia, the UAE, Iran, and Indonesia were present. China and Russia, the two biggest BRICS members, were also represented, even though their heads of state did not attend in person. The event included talks on expanding the group and on further moves toward building an independent trading system outside of Washington’s reach.
Russia has made it clear that BRICS is not intended as a rival to the United States. But Russian officials have also warned that open threats from Washington will not be tolerated. Russia’s foreign minister said the group is seeking protection from US-led financial coercion. The deputy foreign minister stressed that intimidation and pressure are not acceptable ways to engage with BRICS. Russia's emphasis that the bloc is not a hostile alliance, is credible. The bloc is not planning military confrontation or political subversion. Its not a military alliance, their focus is on trade, financial autonomy, and multipolar balance.
BRICS countries are moving away from the dollar for trade among themselves. Russian finance officials say local currencies now make up 65% of trade within the bloc. The share of the dollar and euro has dropped below 30%. This shift reflects a growing demand for freedom from dollar-based restrictions, which the United States has used to pressure countries it sees as adversaries. The dollar's reserve status gives Washington enormous influence over global banking systems, settlement channels, and trade rules. Countries under US sanctions or facing political pressure have strong reasons to want alternatives.
BRICS is working toward creating those alternatives. The goal is not to destroy the current system but to build the ability to trade and settle payments without relying on US-controlled institutions. This includes talks of a joint payment platform, currency swap mechanisms, and more trade in national currencies. Such tools already exist in limited form and are expanding. These countries are seeking economic survival and the right to make sovereign decisions without foreign interference.
Trump's statement that “if we lost that, that would be like losing a World War” gives away the real stakes. Washington sees the dollar’s role beyond simply an economic tool, but as a pillar of its global power. Losing it would strip the United States of its ability to control others, put it bluntly, stranglehold, through sanctions, cutoffs, and financial isolation. Defending that power is now being framed as a matter of national security. That is why threats like tariffs are being tossed around with every huff and puff.
There is no doubt that the BRICS project challenges US dominance in global finance. However, it doesn't seek direct confrontation with the global bully. The group is trying to build a parallel system, a safeguard, not start a war. Trump’s posture suggests that Washington will not allow even peaceful alternatives if they threaten American control. That cannot be seen as a defensive position, because, that's like an attempt to force the global south to keep tied to a system many no longer trust.
The BRICS push for a new financial order is expanding, there's no fading as claimed by Trump. More countries are expressing interest in joining or aligning with the bloc. The effort is not perfect, and the group has internal differences, nonetheless, there is a clear trend towards safeguards against hegemonic overreach. The global south is looking for ways to break free from a system that can be used to punish, exclude, and dominate. If Washington responds with threats and penalties, that will only push more countries to support alternatives.
Dollar hegemony gives Washington extraordinary leverage. There is now a chance to breakfree, so the more that leverage is used to punish rather than partner, the faster the world will look for more ways out. That is the real threat to the post WWII system, not BRICS, but Washington's own hubris and overreach.
“When I heard about this group from BRICS, six countries basically, I hit them very, very hard…and…if they ever really form in a meaningful way it will end very quickly, I will tell you…they won’t be gone very long… I don’t think they’ll even do it… they’re virtually afraid to me."
Yeah, right, Mr. Orange Man!!! The world is watching.
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