Trump Claims "BRICS Is Dead" as Nations Push for De-Dollarisation

New Delhi: Former US President Donald Trump has claimed that BRICS has collapsed due to his tariff threats, but member nations continue their efforts to reduce reliance on the US dollar.

Trump has warned of imposing 100% to 150% tariffs on BRICS+ nations if they pursue "de-dollarisation." However, Brazilian President Luiz Inácio Lula da Silva dismissed the threat, saying BRICS+ remains committed to finding alternatives to the dollar.

BRICS includes Brazil, Russia, India, China, and South Africa. The expanded BRICS+ group also has Egypt, Ethiopia, Iran, the UAE, and Indonesia as members. Saudi Arabia has accepted membership but has yet to formally join.

Trump’s Statement

Trump recently said, "BRICS states were trying to destroy our dollar. I warned them of tariffs, and now BRICS is dead." He claimed that member countries are now afraid to discuss de-dollarisation.

The BRICS+ Response

In response, Lula da Silva said, "Donald Trump's threats will not stop BRICS from seeking new payment systems." Russian President Vladimir Putin has also supported de-dollarisation, stating that forcing countries to use the US dollar will "backfire in time."

What’s Next for BRICS+?

While BRICS+ has not introduced a common currency, some member nations have started trading in local currencies. Discussions about reducing dependence on the US dollar are ongoing.

For now, the US dollar remains the dominant global trade currency, but BRICS+ continues its push for financial independence.