U.S. President Donald Trump discussed his administration’s efforts to counter BRICS nations’ impact on the U.S. dollar at the Republican Governors Association meeting on Feb. 21. Trump stated that BRICS—comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates (UAE), and Indonesia—is attempting to weaken the U.S. dollar by creating a new currency, potentially adopting the Chinese yuan. “They wanted to create a new currency,” he said.
To discourage BRICS nations from seeking an alternative currency, Trump said he warned them upon taking office that any effort to undermine the U.S. dollar would trigger a 150% tariff and a trade halt. He stated:
Any BRICS state that even mentions the destruction of the dollar will be charged a 150% tariff, and we don’t want your goods, we don’t want to partake. And the BRICS states just broke up. I don’t know what the hell happened to them. We haven’t heard from the BRICS states lately.
Originally, Trump had threatened a 100% tariff on imports from BRICS nations should they attempt to establish a new currency or shift away from the dollar.
Trump claimed that when the BRICS currency issue was raised, former President Joe Biden considered it a difficult situation, suggesting that little could be done about it. In contrast, Trump asserted that his administration had a strong response plan to counteract any threats to the dollar’s global reserve currency status.
BRICS nations have not issued a unified response to Trump’s tariff threats, though members continue to actively explore local currency trade mechanisms. Russian President Vladimir Putin has emphasized expanding settlements in national currencies while maintaining that BRICS has no immediate plans to abandon the U.S. dollar. This approach reflects a focus on financial diversification rather than a direct challenge to the dollar’s global role. Nonetheless, several BRICS members, including Iran, remain supportive of the idea of a unified currency, citing national interests.
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