Trump calls out BRICS for ‘attack on dollar’, says tariff threats made nations ‘drop out’

US President Donald Trump has once again termed the BRICS alliance an 'attack' on the US dollar, asserting that his administration’s threat of tariffs against nations seeking to join the bloc deterred several from doing so.

He claimed this approach was crucial in preventing what he described as a deliberate attempt by the grouping to undermine America’s economic influence.

The BRICS grouping currently consists of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates. It has gained prominence in recent years for promoting de-dollarisation in international trade and encouraging financial cooperation among developing economies.

Trump, however, has repeatedly denounced the bloc’s stance as 'anti-American', warning that the United States would retaliate against any economic challenge posed to the dollar.

Speaking on Tuesday alongside Argentine President Javier Milei during a bilateral meeting at the White House, Trump said he had been “very strong” on defending the dollar’s central role in global trade. “Anybody who wants to deal in dollars will have an advantage over those who do not,” he said.

Reiterating his hardline approach, Trump added: “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. BRICS was an attack on the dollar.” In trademark fashion, he didn't say who was 'dropping out'.

The US President elaborated that he had warned potential BRICS entrants of trade repercussions if they pursued policies that bypassed the dollar. “If you want to play that game, I'm going to put tariffs on all of your product coming into the US,” Trump said, emphasising that his actions had prevented a shift in global financial order.

He also remarked that if former President Joe Biden or Democrat Kamala Harris had been elected instead, "you wouldn't have the dollar as your currency anymore", without, of course, explaining how this would happen.

Trump claimed his 2024 election victory ensured that “world domination by the dollar” continued, portraying it as a sign of American strength and economic stability.

Last month, the BRICS nations issued a joint statement expressing alarm over the 'indiscriminate rising' of tariffs and non-tariff barriers, warning that such measures risk marginalising countries of the Global South. The bloc also criticised what it called the use of trade restrictions as 'political or economic coercion'.

Earlier this year, Trump had authorised sweeping tariff hikes on several nations, including a 50 per cent duty on Indian exports.

Economic observers have suggested that the move reflects his administration’s broader effort to fortify domestic industries while deterring countries from aligning too closely with BRICS’ alternative trade strategies.

As the BRICS grouping continues to pursue its agenda of reducing dependency on the dollar, Trump’s combative stance is likely to add further tension to global trade dynamics already strained by competing monetary and strategic interests.