“Go Find Another Sucker Nation”: Trump Warns BRICS Against Dollar Move
Donald Trump has reinforced his stance against de-dollarisation, warning BRICS countries to maintain the US dollar’s role in global trade or face economic repercussions.
On Friday, US President Donald Trump issued a stern warning to BRICS nations, threatening 100 percent tariffs on their exports if they attempt to replace the US dollar as the dominant currency in international trade.
Trump has continuously emphasized his opposition to de-dollarisation, stating that BRICS countries must uphold the US dollar’s status in global trade or endure economic consequences.
“The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER,” Trump declared. “We will require a commitment from these seemingly hostile nations that they will neither create a new BRICS currency nor back any alternative currency to replace the mighty US Dollar. Otherwise, they will face 100% tariffs and must say goodbye to selling into the prosperous US Economy. They can go find another sucker nation. There is no chance that BRICS will replace the US Dollar in international trade or anywhere else. Any country that attempts to do so should expect tariffs and bid farewell to America!”
His statement closely mirrors a post he made on November 30, shortly after securing the 2024 presidential election.
The BRICS bloc – Brazil, Russia, India, China, and South Africa – has been exploring ways to reduce dependence on the US dollar for years. Economic cooperation among BRICS members has strengthened, particularly following Western sanctions imposed on Russia after its invasion of Ukraine. In recent years, BRICS has expanded to include Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates.
Although BRICS does not have a unified currency, its members have encouraged trade in local currencies. At the 15th BRICS Summit in 2023, Russian President Vladimir Putin explicitly called for de-dollarisation, stating that BRICS nations “must expand settlements in national currencies and enhance cooperation between banks.”
Momentum for this movement grew at the June 2024 BRICS foreign ministers’ meeting in Russia, where member states pushed for increasing the use of local currencies in bilateral and multilateral trade agreements.
Despite these efforts, the US dollar remains the world’s dominant reserve currency. A study conducted by the Atlantic Council’s GeoEconomics Center last year found that neither the euro nor BRICS nations had significantly reduced global reliance on the dollar.
Trump’s threats come as he aims to preserve this dominance. His strategy of leveraging tariffs is not new. The 78-year-old’s warnings against BRICS follow his recent push to impose tariffs on Mexico and Canada, the United States’ largest trading partners. Trump argues that such tariffs are essential to combat illegal immigration and drug trafficking, particularly fentanyl, into the US.
During his campaign, Trump labeled India a “very big abuser” of trade policies and has now extended similar rhetoric to other BRICS members. He contends that by increasing tariffs on other nations, he can reduce taxes for American businesses and workers, ultimately bringing factories back to the US.
This approach, however, has faced skepticism.
Economists caution that tariffs could lead to higher costs for American consumers and businesses, particularly in industries reliant on imported raw materials.