US President Donald Trump has claimed that several nations are “dropping out of BRICS” following his stern warnings and tariff threats against countries seeking to replace the US dollar. Speaking to reporters during a bilateral lunch with Argentine President Javier Milei, Trump said the BRICS alliance — which includes India, China, Russia, Brazil, and South Africa — was an “attack” on the American currency.
According to Trump, his aggressive stance against the bloc’s push for de-dollarization has forced countries to reconsider their participation. “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. They’re all dropping out of BRICS,” he said. Trump added that the global dominance of the US dollar would have been undermined had he not won the 2024 presidential election.
What Is BRICS?
The BRICS bloc is an abbreviation comprising of Brazil, Russia, India, China, and South Africa — was formed in 2009 as an informal economic alliance aimed at promoting cooperation among emerging markets. The group expanded in 2023 to include Egypt, Ethiopia, the United Arab Emirates, and Iran, with Indonesia joining in 2025.
In recent years, BRICS members have discussed reducing their dependence on the US dollar for international trade. Proposals included the creation of a new BRICS currency or a common settlement mechanism to facilitate trade and investment between member states. This move, often referred to as the bloc’s de-dollarization effort, has been a key point of contention for Washington.
Trump’s Tariff Warning
During his presidency, Trump has launched a series of tariff threats targeting what he calls “anti-American policies” of BRICS nations. In July 2025, he warned of an additional 10 per cent tariff on countries aligning themselves with the bloc’s alternative currency agenda. His stance was clear and categoric on not having any exceptions to this rule, irrespective of the country.
BRICS Currency Debate
The idea of a BRICS currency was first floated by Brazilian President Luiz Lula da Silva at the 2023 Johannesburg Summit. Lula argued that reducing dependency on the dollar would protect member economies from exchange rate volatility and strengthen their financial autonomy. However, despite discussions, the BRICS nations have struggled to form a unified position on the proposal.
A 2024 study by the Atlantic Council’s GeoEconomics Center confirmed that the US dollar continues to dominate global reserves, with no significant decline in its use for trade or investment.
India’s Stand
India, a founding BRICS member, has clarified that it has no intention of undermining the US dollar. The Union External Affairs Minister S. Jaishankar reaffirmed India’s strong ties with Washington, describing New Delhi’s relationship with the first Trump administration as ‘positive and constructive‘.
Trump’s recent comments mark another escalation in his administration’s trade and foreign policy rhetoric, as he continues to defend the US dollar’s position at the centre of the global economy.
Helene Elliott is the senior reporter for News Raise. She covers Science news. She also has a keen interest in photojournalism. Helene holds a nomination for the prestigious Red Smith Award. She is married to author Dennis D’Agostino, a former publicist with the New York Mets.
