The BRICS alliance—originally a loose grouping of emerging economies but now a major player on the world stage—has become the latest flashpoint in the ongoing debate over the future of the U.S. dollar. Recent comments from former President Donald Trump have reignited controversy, with Trump accusing the bloc of mounting what he called “an attack on the dollar” and warning of steep tariffs for nations aligning with BRICS policies. Yet, as the dust settles, a closer look at the facts and expert opinions reveals a far more nuanced—and less dramatic—reality.
On October 14, 2025, during a meeting with Argentine President Javier Milei, Trump claimed that his earlier threats to impose tariffs had forced some countries to drop out of BRICS discussions on a common currency, saying, “I told anybody who wants to be in BRICS, that’s fine, but we’re going to put tariffs on your nation. Everybody dropped out, and they don’t even talk about it anymore.” Trump further asserted that the dollar’s global dominance would not have survived without his 2024 election victory, and cautioned that any nation joining or supporting BRICS could face 100 percent tariffs on exports to the United States.
Trump’s rhetoric fits squarely within his long-standing protectionist approach to trade. Throughout his political career, he has championed tariffs as a means of defending American economic interests and countering alliances he views as threats to U.S. influence. His latest remarks, however, have drawn skepticism from both international officials and economic experts.
The Kremlin was quick to respond. On October 15, 2025, Kremlin spokesman Dmitry Peskov stated that BRICS unites nations pursuing shared goals of development, stability, and mutual prosperity. Addressing Trump’s comments directly, Peskov emphasized that the group’s purpose is not to act “against any third country or any third-country currency.” He added that BRICS operates according to principles of “partnership, prosperity, and predictability,” principles he said are clearly reflected in the group’s summit declarations. Peskov also noted that he was unaware of any current or potential BRICS members reconsidering their participation under U.S. pressure.
What’s more, the facts on the ground appear to contradict Trump’s narrative. Despite his claims that his tariff threats had compelled countries to abandon BRICS or its monetary ambitions, the alliance has actually expanded in recent years. Founded in 2006 by Brazil, Russia, India, and China, BRICS has since grown to include South Africa, Egypt, Iran, Ethiopia, the United Arab Emirates, and Indonesia. At its most recent summit in Kazan, Russia, BRICS introduced a new “partner country” status, accommodating growing interest from more than 30 nations seeking closer cooperation. There have been no confirmed withdrawals from the bloc, and the number of nations expressing interest in some form of partnership is on the rise.
Economists and analysts have also pushed back on Trump’s assertions. According to experts cited by the Committee for the Abolition of Illegitimate Debt (CADTM), BRICS has made little tangible progress toward de-dollarization or the creation of a rival currency. The group continues to conduct most of its trade in national currencies, and there is no functional alternative payment system challenging the dollar’s global role. As of 2025, the U.S. dollar accounted for about 58 percent of global foreign exchange reserves—only a slight dip from 59 percent in 2022, according to the International Monetary Fund. Nearly 84 percent of international trade is still settled in dollars. These figures suggest that, despite all the talk, the dollar remains the world’s central currency by a wide margin.
India’s position further undermines the notion of a united BRICS front against the dollar. India’s External Affairs Minister S. Jaishankar stated unequivocally in October 2025 that India “has no interest” in undermining the American currency and that the United States remains its largest trading partner. This stance highlights the complex web of economic ties that bind BRICS members to the U.S.—and the reality that not all members share the same motivations or priorities.
So, why the persistent narrative of a BRICS-led assault on the dollar? According to BBC and other outlets, Trump’s statements reflect political positioning more than economic reality. His warnings of 100 percent tariffs on BRICS members—and potentially 10 percent on imports from what he terms “anti-American” economies—could have significant consequences for global trade. The International Monetary Fund has repeatedly warned that such protectionist measures risk reigniting trade tensions and could threaten global economic growth. Experts caution that, in an interconnected world, high tariffs may disrupt supply chains, weaken diplomatic ties, and ultimately isolate the United States from emerging markets—outcomes that could undermine, rather than protect, the dollar’s position.
It’s also worth noting that BRICS leaders have repeatedly stressed that they are not attempting to undermine the dollar. Instead, they argue that politicizing the global currency system is a far greater danger. BRICS operates according to the principles of partnership and prosperity, not confrontation, as reflected in its summit declarations and ongoing efforts to expand cooperation among emerging economies.
Trump’s claim that his administration’s trade policies preserved the dollar’s dominance also overlooks some fundamental economic realities. The dollar’s strength is underpinned by the size of the U.S. economy, the depth of its financial markets, and its global reputation as a stable reserve. While political decisions can influence perceptions and short-term trends, the underlying drivers of the dollar’s supremacy are far more complex and resilient than any single administration’s policies.
As for the future of BRICS, the alliance’s economic influence is still limited by internal differences, competing political agendas, and the logistical challenges of creating a shared financial system. While the group’s expansion and the introduction of a “partner country” status signal growing interest in alternative economic alliances, there is little evidence to suggest that BRICS is poised to mount a serious challenge to the dollar’s global role any time soon.
In the end, the latest round of rhetoric may have generated headlines, but the facts remain clear: BRICS is not launching an attack on the dollar, and the U.S. currency continues to dominate global finance. For now, at least, the world’s economic balance appears to be holding steady—despite the political storms swirling around it.