President Donald Trump has once again thrust the BRICS alliance into the global spotlight, accusing the economic bloc of launching what he calls “an attack on the dollar.” During a high-profile meeting with Argentine President Javier Milei at the White House on October 15, 2025, Trump asserted that his administration’s aggressive tariff threats had forced several countries to reconsider their involvement in BRICS, a coalition he described as bent on undermining America’s economic dominance.
“I told anybody who wants to be in BRICS, that’s fine, but we’re going to put tariffs on your nation,” Trump declared, according to multiple reports. “Everybody dropped out, and they don’t even talk about it anymore.” He went on to claim that his victory in the 2024 presidential election was crucial for maintaining the dollar’s global supremacy, suggesting that if his rivals had won, “you wouldn’t have the dollar as your currency anymore.”
Trump’s remarks, delivered in his characteristically combative style, have reignited debate over the real threat posed by BRICS to the U.S. dollar—and whether his trade policies have actually altered the bloc’s trajectory. Despite the former president’s confident assertions, evidence suggests that the BRICS group is not only intact but expanding, and that the dollar remains the world’s dominant currency by a wide margin.
BRICS: Growing, Not Shrinking
BRICS, which began as an acronym for Brazil, Russia, India, China, and South Africa, has grown significantly in recent years. As of October 2025, the group has added Egypt, Ethiopia, Iran, Indonesia, and the United Arab Emirates to its roster. Several other nations—including Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, and Vietnam—participate as partner states, with more expressing interest in joining.
Contrary to Trump’s claim that “everybody dropped out,” there have been no official withdrawals from BRICS. In fact, the bloc’s expansion runs counter to the narrative that U.S. pressure has caused countries to abandon the group. According to BBC and other outlets, the alliance continues to attract new members and partners, suggesting that Trump’s tariff threats have not deterred its growth.
Trump’s Tariff Threats: Rhetoric Versus Reality
Trump’s strategy of leveraging tariffs as a tool of foreign policy is nothing new. Throughout his political career, he has championed protectionism, arguing that high tariffs can defend American interests and discourage economic alliances perceived as threats. In July 2025, Trump labeled BRICS “a political bloc directed against America” and warned that any country supporting the alliance would face an additional 10% import tariff. Earlier in the year, he authorized sweeping tariff hikes, including a 50% duty on Indian exports.
During his recent White House meeting, Trump doubled down, warning that nations joining or supporting BRICS could face tariffs as high as 100% on exports to the United States. “If you want to play that game, I’m going to put tariffs on all of your product coming into the US,” he said, according to CNN. This hardline approach, he argued, was essential to preserving the dollar’s role as the world’s reserve currency.
Yet, as the Financial Times and other economic observers have pointed out, there is little evidence that Trump’s threats have forced any country to withdraw from BRICS or abandon its ambitions. The group’s continued expansion and the absence of any official departures cast doubt on the effectiveness of his pressure campaign.
De-Dollarization: More Hype Than Reality?
Trump’s central allegation—that BRICS is orchestrating a coordinated attack on the dollar—has been met with skepticism from economists. While the bloc has indeed discussed reducing reliance on the U.S. dollar in international trade, analysts note that these efforts have produced few concrete results. According to the International Monetary Fund, the dollar still accounted for about 58% of global foreign exchange reserves in 2025, only a slight decrease from 59% in 2022. Nearly 84% of international trade continues to be settled in dollars, underscoring the currency’s enduring dominance.
Experts from the Committee for the Abolition of Illegitimate Debt (CADTM) have pointed out that BRICS has made little tangible progress toward creating a shared currency or payment system capable of rivaling the dollar. The logistical and political hurdles to such an undertaking remain formidable, with member states often pursuing divergent economic agendas.
“BRICS was an attack on the dollar,” Trump insisted during his meeting with Milei, but the facts suggest otherwise. The alliance’s internal divisions and the lack of a unified monetary strategy have limited its ability to challenge U.S. financial hegemony.
India’s Stance: Cooperation Over Confrontation
India, one of the bloc’s most influential members, has publicly distanced itself from any effort to weaken the dollar. External Affairs Minister S. Jaishankar was unequivocal: “India has no interest in undermining the American currency.” He also stressed that the United States remains India’s largest trading partner, highlighting the complex web of economic ties that bind BRICS nations to the U.S.
This position directly undermines Trump’s assertion that BRICS countries are united in a campaign against the dollar. Instead, it reflects the nuanced reality that many emerging economies value cooperation with the United States and see little benefit in provoking a currency conflict.
Global Trade Tensions on the Rise
While Trump frames his tariff threats as a necessary defense of American interests, critics warn that such measures risk escalating global trade tensions. Last month, BRICS issued a joint statement warning against the “indiscriminate rising” of tariffs and non-tariff barriers, arguing that such policies risk marginalizing countries of the Global South. The bloc also criticized the use of trade restrictions as “political or economic coercion.”
The International Monetary Fund has echoed these concerns, identifying rising protectionism and trade disputes as major threats to global economic growth. Some analysts fear that Trump’s approach could isolate the United States from key emerging markets, disrupt global supply chains, and ultimately undermine the very dollar dominance he seeks to protect.
Political Posturing Versus Economic Fundamentals
At its core, Trump’s narrative appears to be more about political positioning than economic reality. His assertion that his election victory preserved the dollar’s global status overlooks the deeper economic fundamentals that underpin the currency’s strength—namely, the size of the U.S. economy, the depth of its financial markets, and its reputation as a safe haven for investors.
While Trump’s rhetoric may resonate with nationalist sentiment, the facts on the ground paint a different picture. The BRICS bloc is expanding, not contracting; its efforts to de-dollarize have been limited; and the dollar remains firmly entrenched as the world’s primary reserve currency. As the situation unfolds in the coming months, the true impact of Trump’s pressure campaign—and BRICS’s ambitions—will become clearer.
For now, the world watches as political maneuvering and economic realities collide, shaping the future of global finance and the delicate balance of power among the world’s leading economies.