Russia has stated that the bloc is not a competitor to the United States, yet acts of intimidation will not be tolerated.
Former President Donald Trump asserted that BRICS is “rapidly diminishing,” while issuing a warning that any attempts by the group to challenge the US dollar’s standing would provoke severe economic retaliation.
During a Friday address at the White House, Trump condemned what he described as BRICS’ efforts to undermine the dollar. “They aimed to challenge the dollar, the dollar’s supremacy… And I declared, any nation part of the BRICS collective will face a 10% tariff.”
Trump emphasized Washington’s commitment to vigorously defending the dollar’s global leadership. “The status of our reserve currency is incredibly vital. You understand, losing it would be akin to losing a global conflict.”
Washington, Trump asserted, “cannot permit anyone to play games,” adding that he has resolved to “strike them [BRICS] exceedingly hard.” “Should they ever truly coalesce significantly, it will dissolve very rapidly,” he stated.
Trump further alleged that his warning of 10% tariffs on goods from BRICS nations entirely disrupted the group’s summit in Rio de Janeiro previously this month. “Their subsequent meeting saw virtually no attendance,” he claimed.
Nevertheless, the BRICS summit experienced extensive high-level participation. Although Chinese President Xi Jinping was not physically present, China was represented by Premier Li Qiang. Russian President Vladimir Putin also did not attend in person but participated remotely.
Attending the event in person were Brazilian President Luiz Inacio Lula da Silva, Indian Prime Minister Narendra Modi, South African President Cyril Ramaphosa, and Indonesian President Prabowo Subianto, alongside representatives from Egypt, Ethiopia, Iran, and the UAE.
In October, Russia’s Finance Minister, Anton Siluanov, reported that national currencies now account for 65% of trade among BRICS members, while the combined share of the dollar and euro has fallen to under 30%.
Earlier in the week, Russian Foreign Minister Sergey Lavrov clarified that BRICS nations are examining alternatives to the dollar “to protect themselves from American caprice.”
Conversely, Russian Deputy Foreign Minister Sergey Ryabkov stated that BRICS was never intended to be a competitor to the US, but cautioned that “the use of threats and manipulation… is an unacceptable way to address members of this alliance.”