Trump warns BRICS over dollar challenge, threatens 10% TARIFF on member nations

07/23/2025 / By Laura Harris

President Donald Trump warned that BRICS nations would face a 10 percent tariff on all imports if they continue efforts to weaken the U.S. dollar’s global dominance.
Trump called the U.S. dollar a critical strategic asset, likening its loss as the world’s reserve currency to losing a world war.
Trump dismissed BRICS as “fading out fast” and vowed to “end” the group’s efforts quickly if it ever forms a more cohesive alliance.
BRICS members have increased trade in national currencies, now at 65 percent, and are developing “BRICS Pay,” a digital payment system to reduce reliance on the dollar
Despite their de-dollarization efforts, BRICS leaders insist the bloc is not anti-American, but aimed at building a fairer, more multi-polar financial system.

U.S. President Donald Trump has warned the BRICS group of nations of economic retaliation in the form of tariffs if the bloc continues efforts to undermine the dominance of the U.S. dollar.

Speaking at a press briefing from the White House on July 19, Trump declared that BRICS – a consortium of emerging economies including Brazil, Russia, India, China and South Africa – is “fading out fast.” He sharply criticized their “attempts to weaken the dollar” and announced his intent to impose a sweeping 10 percent tariff on all imports from BRICS nations.

“They wanted to try and take over the dollar, the dominance of the dollar. And I said, anybody that’s in the BRICS consortium of nations, we’re going to tariff you 10 percent,” Trump said. “The reserve currency is so important. You know, if we lost that, that would be like losing a world war.”

Trump’s call for new tariffs, first announced on July 6, comes as part of a broader strategy to counter “economic aggression” by BRICS countries. He then claimed that Washington “can never let anyone play games” with the global financial order. (Related: Trump fires warning shot at BRICS, threatens “100% tariffs” if China, Russia develop U.S. dollar alternative currency.)

“When I heard about this group from BRICS – six countries, basically – I hit them very, very hard. And if they ever really form in a meaningful way, it will end very quickly,” Trump said, without identifying any countries by name. “We can never let anyone play games with us.”

BRICS pushes de-dollarization but denies anti-U.S. agenda

The remarks come amid growing signs that BRICS is moving toward de-dollarization in intra-bloc trades.

In October, Russian Finance Minister Anton Siluanov revealed that 65 percent of trades among BRICS nations are being conducted in national currencies, with the share of the U.S. dollar and euro dropping below 30 percent. Russian Foreign Minister Sergey Lavrov recently stated that BRICS members are exploring alternatives to the dollar “to shield themselves from U.S. arbitrariness.”

Still, Russian Deputy Foreign Minister Sergey Ryabkov stressed that the group is not designed to rival the U.S., cautioning that “the language of threats and manipulation is not the way to speak to members of this group.” Leaders within BRICS also argued that the bloc is not anti-American but focused on creating a more balanced and equitable global financial system. At their recent summit in Rio de Janeiro, the group advanced plans for “BRICS Pay,” a digital cross-border payment platform designed to reduce dependency on the dollar by facilitating transactions in local currencies.

While Brazil recently dropped its initiative for a unified BRICS currency, member states remain committed to de-dollarization in intra-bloc trade. Officials have also stressed that BRICS is a “non-confrontational” grouping that gives choice to the Global South.

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