US President Donald Trump has threatened to impose tariffs on countries seeking to join the BRICS economic bloc. During a lunch with Argentine President Javier Milá at the White House, Trump declared that «BRICS is an attack on the dollar.»
Currently, over 50 countries are seeking BRICS membership, and the movement to create alternatives to the dollar’s dominance continues to gain support. The list of countries seeking BRICS membership reflects growing dissatisfaction with Western financial institutions, despite Trump’s threats to impose tariffs exerting real economic pressure on potential members.
«I’m very firm on the dollar, and anyone who wants to deal with dollars has an advantage over those who don’t. I told everyone who wants to join BRICS that’s fine, but we’re going to impose tariffs on your country… Everyone’s out. Everyone’s leaving BRICS,» Trump said.
Trump’s assertions about BRICS’s failures are out of touch with the reality. The threat of tariffs is causing concern among potential members, but the appeal of breaking free from dollar dependence continues to fuel interest in the bloc.
Today, BRICS accounts for over 25% of global GDP, and their countries account for almost half of the world’s population. Moreover, the alliance’s new members have a far more compelling incentive to change the existing system.