Donald Trump loves a fight, especially when he thinks he’s protecting something “mighty.” His latest battle? Demanding the BRICS nations promise never to create a currency that could rival the U.S. dollar.
This time, the warning included a 100% tariff. The BRICS group, originally made up of Brazil, Russia, India, China, and South Africa, has expanded to include Iran, the UAE, Ethiopia, and Egypt. Some members scrambled to calm the situation.
South Africa publicly denied any plans for a shared currency. India’s foreign minister followed up, insisting BRICS countries weren’t out to weaken the dollar. But this drama glaringly points at something deeper: the U.S. dollar’s dominance is facing a real threat—and the enemy is internal.
BRICS isn’t killing the dollar — it’s protecting itself
The truth is, BRICS nations aren’t plotting some grand dollar takedown. What they’ve always said they want is financial independence. Trade between these nations is complicated, and relying on the dollar exposes them to U.S. power.
South Africa explained the group is only looking to trade in their own currencies, which they described as “de-risking.” India’s case shows why this matters. For years, the country has struggled with U.S. sanctions. India stopped importing oil from Venezuela because Washington said so.
Then it turned to Iran, only for the same restrictions to hit. Now, with Russia, India’s finding itself tangled in yet another web of U.S. controls. Even the most pro-West voices in New Delhi see the need for payment systems outside of U.S. oversight.
But here’s the thing: trading without dollars is a nightmare. Let’s say India buys oil from Russia using rupees. What would Russia do with all that Indian cash? Spend it on Indian goods? Sure, but if there’s no balance in trade, Russia ends up with a pile of rupees it can’t use. That’s the problem.
Despite these obstacles, the BRICS boys are determined to reduce dollar reliance. They’re not trying to crush the U.S. economy, as Russia’s president Vladimir Putin explained in the past. They’re just building systems that give them more control. Countries like the UAE have been working on alternatives for years, serving as middlemen between rival blocs.
America’s overreach needs to be stopped
More companies and countries find themselves caught up in sanctions almost monthly. Dual-use goods, financial institutions, entire industries—nothing is off-limits. When markets face restrictions, someone always steps in to keep trade flowing.
Even organizations aligned with the West are exploring ways to bypass the dollar. The Bank for International Settlements, controlled by central banks worldwide, started a project to move money outside the dollar system.
It didn’t last long. Western governments pressured the BIS to pull the plug. But the fact that they even tried speaks volumes.
The dollar didn’t always face this kind of backlash. It used to be seen as a global public good—neutral, stable, trusted. Countries traded in it, invested in it, and converted it freely. In return, the U.S. got the “exorbitant privilege” of printing the world’s reserve currency.
This allowed America to rack up deficits that would sink any other nation. But things have changed since then. American overreach is the problem. From endless sanctions to Federal Reserve meddling, the U.S. keeps using the dollar as a political weapon.
Every time it does, trust erodes. And trust is the real foundation of the dollar’s dominance. Trump, of course, doesn’t see it that way. His solution has evidently been threats, as usual.
Nigeria calls Trump’s bluff
Meanwhile, Nigeria joined as a partner country in October and has publicly dismissed Trump’s threats as nothing empty bluster. “Nigeria is a sovereign nation that can decide its alliances,” they said.
The ‘African Giant’ will continue pushing for global representation, including joining the G20 and United Nations Security Council. They added that, “Trump has threatened so many countries, not only BRICS. He threatened Canada and China, so Nigeria should not allow any country to dictate for it. It will pay Nigeria more to be a member of BRICS.”
Clearly, America isn’t as scary as it used to be. Some economists had warned of this as an outcome if Trump keeps being aggressive. They predicted that he’ll end up pushing the BRICS members to spitefully launch a new currency way sooner than expected.
India, for example, is promoting the rupee for cross-border payments. Prime Minister Narendra Modi sees this as part of a larger strategy to position India as a manufacturing hub and global leader. “Dependence on one currency can be problematic,” he said.
The way we see it, the future of USD is in the hands of its maker. Starting a fight with Putin and the BRICS when he himself said he wasn’t interested in dethroning the dollar anymore after Trump won was probably not the best idea. But that’s just Trump.
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.
By Nermeen Nabil Khear 