Trump Declares ‘BRICS Is Dead’ as Bloc Pushes Ahead With De-Dollarisation Plans

Even as former U.S. President Donald Trump claims that BRICS has lost its momentum, the expanded BRICS+ grouping is forging ahead with efforts to reduce dependence on the U.S. dollar in global trade. Trump, who has repeatedly threatened 100% to 150% tariffs on BRICS+ nations if they pursue de-dollarisation, recently declared that his economic policies had led to the bloc’s collapse. However, world leaders from the group have strongly rejected this assertion.

BRICS+ Dismisses U.S. Pressure

The BRICS+ bloc—comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the UAE, and Indonesia—continues to explore alternatives to dollar-based trade. While Saudi Arabia has not yet formally joined, it remains engaged in discussions.

Despite Trump's claims, Brazilian President Luiz Inácio Lula da Silva reaffirmed the group’s commitment to moving away from U.S. dollar dominance. “BRICS+ is determined to end dollar dependence, no matter the pressure,” he stated, directly addressing Trump’s tariff threats.

Russia has echoed similar sentiments. President Vladimir Putin previously warned that any U.S. attempts to force other nations into using the dollar would ultimately “backfire.”

Trump’s Boast: ‘BRICS Is Dead’

Speaking at a recent event, Trump credited his aggressive stance for allegedly breaking BRICS unity. "They wanted to destroy our dollar, so I told them—if you even mention de-dollarisation, you're getting hit with 150% tariffs. And just like that, they broke apart," Trump asserted.

He further claimed that “BRICS was set up for a bad purpose”, adding that member nations are now “afraid to even talk” about de-dollarisation.

Reality Check: BRICS+ Currency Plans Still in Discussion

While BRICS+ has not yet introduced a common currency, discussions among some member nations continue behind closed doors. The 2023 BRICS Summit in Russia underscored the importance of expanding trade in local currencies to reduce reliance on the dollar.

Though a BRICS+ alternative to the U.S. dollar remains a long-term goal, many member nations have already begun conducting transactions in their national currencies. The U.S. dollar remains dominant, but the bloc’s push for economic independence signals that the debate over global currency alternatives is far from over.