United States President Donald Trump said on Friday, 19, that he is willing to adopt economic measures against the countries that make up the BRICS group if the bloc advances in their consolidation as a geopolitical and economic force. In a speech, Trump stated that the group would be the target of strong retaliation and that their eventual strengthening would not be supported for long.
“When I heard about this BRICS group, six countries basically, I attacked them with a lot, a lot of strength. And if they really forms significantly, it will end very quickly,” said the US President, without directly quoting the names of the countries that are part of the alliance.
The statements were made amid increasing tensions between the United States and countries seeking to expand economic cooperation mechanisms outside the dollar orbit. BRICS, originally formed by Brazil, Russia, India, China and South Africa, has recently included other countries in an effort to increase their international relevance and reduce the dependence on western currencies.
The group has been articulated to create alternatives to the financial system led by institutions such as the International Monetary Fund (IMF) and the World Bank. In addition, its members have discussed the use of local currencies in bilateral trade and the possibility of strengthening the New Development Bank (NDB), founded in 2015.
Trump’s statements occur at a time when BRICS has expanded its visibility. The group’s last summit, held in Rio de Janeiro, dealt with topics such as the desolarization of part of international transactions, the inclusion of new countries and the formation of an alternative infrastructure for project financing.
During his speech, Trump also reiterated his commitment to maintaining the dollar as the main international reserve currency. The president indicated that the US government will not support the creation of a digital currency issued by a central bank in the United States.
“I am committed to preserving the global status of the dollar as a reserve currency,” he said. “I will never allow the creation of a Central Bank digital currency in the United States,” the president added, reinforcing his position contrary to initiatives involving centralized digital emissions.
The position of the US government occurs in the context of discussions in various countries on digital currencies issued by central banks, known as CBDCs (Central Bank Digital Currencies). In China, for example, Yuan Digital is in advanced testing. The European Central Bank also evaluates the creation of the digital euro. In the United States, the Federal Reserve has conducted exploratory studies, but has not yet defined a final position.
BRICS growth and defense by its members of a multipolar economic order have been closely observed by Washington. Analysts evaluate that Trump’s statements reflect a concern with the advancement of initiatives seeking to contest the hegemony of the dollar and the global financial system led by the United States.
Although he did not detailed what measures could be adopted against BRICS countries, Trump suggested that commercial tariffs would be one of the favorite tools. In his first term, the current president has already used tariffs as a pressure instrument against business partners, including China and Latin American countries.
Trump’s rhetoric over BRICS contrasts with the positions of countries that are part of the group, which have advocated the creation of a more balanced financial governance structure, with greater participation of emerging economies. The center’s central idea is to offer alternatives in areas such as infrastructure, trade, science and technology financing.
Despite US criticism, BRICS has advanced in building a common agenda. Among the most debated topics in the last meetings are the expansion of the bloc with the inclusion of new strategic members and the strengthening of interregional cooperation mechanisms.
The coming months should be marked by new diplomatic movements around BRICS, including state visits, bilateral agreements and joint initiatives in international forums. The consequences of Trump’s statements should also be monitored by governments involved and investors attentive to global business relations.
The impact of a possible imposition of tariffs will depend on the reach and scale of the advertised measures. To date, the BRICS countries have not officially responded to the US President’s statements.