In a recent statement that has reignited global economic debates, U.S. President Donald Trump referred to the BRICS alliance as an “attack” on the U.S. dollar. Speaking during a bilateral meeting with Argentine President Javier Milei, Trump claimed that he had warned nations seeking to join the bloc of potential tariffs—prompting many, according to him, to withdraw their interest.
The BRICS group—comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates—has long emphasized the need to reform global financial systems and reduce reliance on the U.S. dollar. This stance, however, has been viewed by Trump as a direct challenge to American economic leadership.
“I was very strong on the dollar,” Trump declared. “Anybody who wants to deal in dollars will have an advantage over those who don’t. I told anybody wanting to join BRICS that’s fine, but we’ll put tariffs on your nation—and everyone dropped out.”
The President went further, asserting that if former President Joe Biden or Democrat Kamala Harris had been in office, “you wouldn’t have the dollar as your currency anymore.” He credited his administration’s policies with preserving the dollar’s global dominance.
Trump’s remarks come just weeks after BRICS nations jointly expressed their concern over the growing use of unilateral trade restrictions and tariff hikes, warning that such actions could marginalize economies of the Global South. Earlier this year, Trump’s administration imposed tariffs as high as 50 percent on Indian exports, signaling a hardline trade approach that continues to define his economic agenda.
While opinions remain divided, one thing is clear—Trump’s rhetoric has once again placed the BRICS-U.S. economic relationship under a global spotlight. For many observers, it’s not just about trade or tariffs—it’s about the future of global power balance and monetary influence.
