De-dollarization initiatives continue to advance as BRICS nations remain committed to reducing dependency on the US dollar, despite President Donald Trump’s explicit warnings. Brazil’s President Lula da Silva recently emphasized that the economic bloc will pursue alternative payment platforms between member countries regardless of US tariff threats.
Also Read: US Economy: Trump’s Tariff Spree Is Set To Create More Mayhem: Here’s How
How Global Giants are Pushing Forward De-Dollarization Amid Trump’s Tariff Threats
The push for economic sovereignty among BRICS members has intensified in recent months, particularly following President Trump’s January announcement threatening 100% tariffs on exports from nations attempting to replace the dollar in international trade.
“The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER,” Trump wrote on Truth Social earlier this year.
Also Read: GTA 6 Update: ‘Developer’ Confirms 2025 Release and Leaked Map Insights
BRICS Expansion Strengthens De-Dollarization Goals
The original BRICS bloc – consisting of Brazil, Russia, India, China, and South Africa – has expanded significantly, with Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates joining the group. This expansion was deliberately undertaken to increase the collective economic weight and global influence of these nations seeking alternatives to dollar dominance.
JUST IN: 🇧🇷🇺🇸 Brazil's President Lula da Silva says BRICS is committed to ending US Dollar dominance no matter what.
— BRICS News (@BRICSinfo) February 27, 2025
"US President Donald Trump's threats of tariffs won't stop the group's determination to seek alternative platforms for payments between member countries." pic.twitter.com/AGRuRQnKKN
“US President Donald Trump’s threats of tariffs won’t stop the group’s determination to seek alternative platforms for payments between member countries,” stated Brazil’s President Lula da Silva during a recent meeting with the bloc’s sherpas.
Also Read: Ethereum Breakout: Key Recovery Signals & Price Predictions to Watch
The Growing Push for Local Currency Settlements
BRICS nations have made substantial progress in promoting trade settlements in local currencies, despite not establishing a common currency. This strategy represents a direct challenge to the traditional financial order where the US dollar has maintained dominance for decades.
Russian President Vladimir Putin has been particularly vocal about de-dollarization efforts. At the 15th BRICS Summit in 2023, Putin explicitly called for reducing dollar dependency, saying that BRICS nations “must expand settlements in national currencies and enhance cooperation between banks.”
Western sanctions on Russia after its invasion of Ukraine accelerated the collaborative economic approach, demonstrating the bloc’s determination to create financial systems less vulnerable to unilateral actions by the United States.
Trump’s Tariff Threats Meet Resistance
BRICS nations have defiantly responded to Trump’s threats. When Trump posted on Truth Social that the US would “require a commitment from these seemingly hostile Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar,” Russia quickly responded that such attempts to force dollar usage would likely backfire.
Also Read: Altcoins Are Crashing: Jasmy, Solana, Shiba Inu, and Pepe Tumble—What Triggered This?
The Current State of Global Currency Dominance
Despite the determined and persistent de-dollarization push by BRICS nations right now, significant challenges still remain in actually displacing the US dollar as the world’s primary reserve currency. A study that was conducted by the Atlantic Council’s GeoEconomics Center last year, for instance, found that neither the euro nor, well, BRICS+ nations had successfully reduced global reliance on the dollar in any significant way so far.
However, as of this writing, Brazil’s BRICS presidency has actually vowed to strengthen the bloc’s push for, you know, a multipolar world economic system. The ongoing and continuous efforts reflect a broader desire for economic sovereignty among these global giants, who collectively represent, at this time, a substantial portion of the world’s population and economic output as well.
As tensions continue to rise between the United States and also BRICS nations over de-dollarization efforts nowadays, global markets are, in fact, closely watching how this financial power struggle unfolds, especially with Trump’s administration taking such a more confrontational approach through tariff threats and warnings.
Also Read: Standard Chartered Sticks to $500K Bitcoin Target Despite Market Dip
