BRICS+ nations, comprising Brazil, Russia, India, China, South Africa, and others, remain undeterred by Donald Trump’s threats of imposing tariffs on them for pursuing de-dollarisation. Despite Trump’s claims that the group has broken apart, Brazil’s President Lula da Silva affirmed BRICS+ commitment to reducing US dollar dominance in trade. Russian President Vladimir Putin echoed this sentiment, stating that US pressure would ultimately backfire. While no common currency has been established, discussions are underway among member nations to enhance transactions in local currencies, reflecting a growing move towards a multi-polar financial system, although the US dollar still holds dominance.
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New Delhi:
<p>The BRICS+ countries have decided to disregard Donald Trump's threats and continue pursuing their goal of finding a substitute for the US dollar in global trade. President Trump has repeatedly warned that he would implement tariffs of 100 to 150 percent on BRICS+ countries if they attempted "de-dollarisation."</p>
<p>BRICS stands for Brazil, Russia, India, China, and South Africa, while BRICS+ consists of 10 members, including Egypt, Ethiopia, Iran, the United Arab Emirates (UAE), and Indonesia, alongside the original five. Saudi Arabia has agreed to join, although it has yet to make a formal commitment, stating that the decision is currently under consideration.</p>
<p>Donald Trump first issued these tariff threats in December and reiterated them several times in January following his inauguration. After a brief lull, just as President Trump proclaimed last week that his threats had seemingly "fractured the unity of the BRICS+ nations," reality hit him unexpectedly.</p>
<h2><strong>A REALITY CHECK</strong></h2>
<p>In a direct rebuttal to Trump's persistent threats, Brazil's President Lula da Silva stated unequivocally that "BRICS+ is dedicated to ending US Dollar dominance, regardless of the obstacles." </p>
<p>The Brazilian leader emphasized that "Donald Trump's tariff threats will not deter BRICS' commitment to exploring alternative payment platforms among member countries."</p>
<p>Brazil, which is presiding over the influential group this year, declared that the upcoming summit will "reinforce the group's resolve" to advance its vision for a multipolar world.</p>
<p dir="ltr" lang="en">JUST IN: 🇧🇷🇺🇸 Brazil's President Lula da Silva confirms BRICS' commitment to ending US Dollar dominance, regardless of challenges.</p>
<p>"US President Donald Trump's threats of tariffs will not hinder the group's determination to explore alternative payment platforms among member states." <a rel="nofollow" target="_blank" href="https://t.co/AGRuRQnKKN">pic.twitter.com/AGRuRQnKKN</a></p>— BRICS News (@BRICSinfo) <a rel="nofollow" target="_blank" href="https://twitter.com/BRICSinfo/status/1895032848501088441?ref_src=twsrc%5Etfw">February 27, 2025</a>
<p>This candid statement from the Brazilian president follows weeks after Russian President Vladimir Putin remarked that "Any effort by the United States to force other nations to mandatorily adopt the US dollar for trade will ultimately backfire."</p>
<h2><strong>DONALD TRUMP BOASTS 'BRICS IS DEAD'</strong></h2>
<p>Just last week, Donald Trump voiced his opinion, claiming that "The BRICS nations have disbanded," attributing this to his tariff threats.</p>
<p>"BRICS countries were intent on undermining our dollar. They sought to establish a new currency. My first order of business was to announce that any BRICS nation that even contemplates destroying the dollar would face a 150% tariff, leading to the breakup of BRICS states," President Trump commented.</p>
<p>He went on to declare, "I have no idea what went wrong with them. We haven't heard a peep from the BRICS nations lately."</p>
<p>Concerned about the genuine possibility of a US dollar alternative, Trump stated, "BRICS was established for ill intent," adding that "They (BRICS nations) are now hesitant to even discuss (de-dollarisation) because I warned them that if they wanted to challenge the dollar, they would face a 100 percent tariff."</p>
<p>"BRICS is essentially finished," President Trump remarked last week.</p>
<h2><strong>WHERE THINGS STAND ON A BRICS+ CURRENCY</strong></h2>
<p>The BRICS+ nations have yet to develop a common currency, but it is widely believed that private discussions among certain member countries regarding such a proposal have occurred. At the 2023 BRICS summit in Russia, President Putin emphasized the significance of de-dollarisation for fostering a multipolar world.</p>
<p>"BRICS+ nations should increase transactions in their national currencies and enhance interbank cooperation," President Putin stated during that time. Collaboration among BRICS+ countries has vastly improved following the US sanctions imposed on Russia due to the ongoing conflict in Ukraine.</p>
<p>While Europe benefits from the Euro, there has been no official announcement regarding a common global currency from BRICS+ nations to rival the US dollar. However, several member countries have begun conducting trade using local currencies to minimize reliance on the US dollar where possible. For now, and for the foreseeable future, the US dollar continues to dominate global trade and reserves.<br/></p>
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