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Trump threatens BRICS with tariffs if they replace US dollar – DW – 01/31/2025
US President Donald Trump threatened BRICS member states with 100% tariffs on Thursday to dissuade them from replacing the US dollar as reserve currency.

Trump had made a similar statement right after winning the November 2024 elections.

“We are going to 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 US dollar or, they will face 100% Tariffs,” he said on his Truth social media platform.

“There is no chance that BRICS will replace the US dollar in international trade, or anywhere else, and any country that tries should say hello to tariffs, and goodbye to America!” he added.

BRICS and the US dollar

The BRICS group consists primarily of Brazil, Russia, India, China and South Africa. In the last few years, Egypt, United Arab Emirates, Ethiopia, Iran and Indonesia have also joined the group, bringing the number of members to eleven.

It was formed in 2009 as a counter to dominance by the US and western allies.

Economy and tariffs under President Trump: Who wins?

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BRICS represents nearly half of the world’s population and is considered as a counterpart to the G7 group of countries.

The economic bloc has been in talks about introducing another reserve currency, but the idea took momentum especially after the West imposed sanctions on Russia due to its war in Ukraine.

The power of the US dollar in the world has strengthened recently. It remains the world’s primary reserve currency and there is a huge worldwide reliance on it.

Trump threatens tariffs for Canada, Mexico

Meanwhile, Trump said that 25% tariffs would be imposed on imports from Canada and Mexico from Saturday, but he’s still considering whether to include oil from those countries as part of his import taxes.

“We may or may not,” he told reporters at the Oval Office on Thursday.

His decision is supposed to be based on whether oil prices charged by Washington two North American trade partners is fair.

However, his decision is also influenced by his bid to stop illegal immigration and the smuggling of chemicals used for fentanyl. The drug and other synthetic opioids have caused tens of thousands of deaths in the US alone.

tg/zc (AP, Reuters)

In a bold move that could have far-reaching implications for global trade, President Trump has threatened the BRICS nations – Brazil, Russia, India, China, and South Africa – with tariffs if they move to replace the US dollar as the world’s reserve currency.

The BRICS nations have long been critical of the dominance of the US dollar in international trade, and have been exploring alternatives such as creating a new currency basket or using their own national currencies for trade among themselves.

However, President Trump’s threat of tariffs on BRICS goods if they go ahead with their plans has thrown a wrench into their deliberations. The US has traditionally wielded significant influence over global trade due to the widespread use of the dollar, and Trump’s threat is seen as an attempt to maintain that dominance.

Critics of Trump’s stance argue that it is a short-sighted and aggressive move that could ultimately backfire, leading to retaliatory tariffs and a breakdown in diplomatic relations with the BRICS nations. They warn that such tactics could lead to a trade war that would harm all countries involved.

It remains to be seen how the BRICS nations will respond to Trump’s ultimatum, and whether they will proceed with their plans to reduce their dependence on the US dollar. The outcome of this standoff could have major implications for the future of global trade and the balance of power among nations.

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January 31, 2025
‘Bit empty’: Shashi Tharoor downplays Donald Trump’s tariff threats to Brics nations | India News
NEW DELHI: Congress MP Shashi Tharoor dismissed US President Donald Trump‘s tariff threats against Brics nations, labeling them “a bit empty”, citing the absence of plans to introduce an alternative to the US dollar.
Tharoor described the dollar as a “practical convenience” for most nations, indicating that Brics has not made a substantial proposal to establish an alternative currency.
Addressing Trump’s tariff threats, Tharoor said, “I heard this comment by President Trump. But, the fact is there is no serious proposal for the Brics to come up with an alternative currency to the dollar. The dollar is a practical convenience for most countries in the world.”
“There may have been some discussion, and we certainly have in the past had some examples of Rupee-Rubel trade with Russia, Rupee-Riyal trade with Iran, and so on. So, that’s not impossible. An alternative international currency. I don’t think there is any particular plan whatsoever to do that. And therefore, the threats of the president seem a bit empty because it’s only if there is an actual proposal that comes up and that countries like India are taking it seriously. I don’t see any support in the Indian government for such a proposal. So, until that happens, why should we worry,” he added.

Tharoor’s comments come after Trump’s renewed warnings to Brics nations regarding potential currency alternatives.
Trump warned on Truth Social: “The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is over. We are going to 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 US Dollar or, they will face 100 per cent Tariffs, and should expect to say goodbye to selling into the wonderful US Economy. They can go find another sucker Nation. There is no chance that BRICS will replace the US Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!”
This statement reinforced Trump’s position on maintaining the dollar’s dominance in global trade, suggesting significant economic repercussions for nations seeking alternatives.
At the Oval Office signing ceremony, Trump declared, “As a Brics nation… they’ll have a 100 per cent tariff if they so much as even think about doing what they thought, and therefore they’ll give it up immediately.”
Responding to former President Biden’s comments, Trump asserted American dominance, stating: “It’s not even a threat. In fact, since I made that statement, Biden said, they have us over a barrel. I said, No, we have them over a barrel. And there’s no way they’re going to be able to do that.”
These warnings follow Trump’s previous statements before becoming the 47th President, threatening 100 per cent tariffs on Brics nations’ imports if they introduced a new currency.
During the 15th Brics Summit in 2023, Russian President Vladimir Putin advocated for de-dollarisation, suggesting BRICS nations should increase national currency settlements and strengthen banking cooperation.
In June 2024, Brics foreign ministers convened in Russia’s Nizhny Novgorod, supporting increased use of local currencies in trade and financial transactions between member countries.

Shashi Tharoor, a prominent Indian politician and former diplomat, recently commented on US President Donald Trump’s threats to impose tariffs on Brics nations, including India. Tharoor downplayed the impact of these threats, stating that the Brics countries have faced similar challenges in the past and have the resilience to overcome them.

In a tweet, Tharoor wrote, “Brics nations have faced down tougher challenges than Trump’s tariff threats. We’ve been through worse and come out stronger. Let’s not overreact to his bluster.”

Tharoor’s comments come amidst growing concerns over the escalating trade tensions between the US and its trading partners, including India. Trump has repeatedly threatened to impose tariffs on imports from countries like India, China, and Brazil, in an effort to reduce the US trade deficit.

However, Tharoor believes that the Brics nations, which include Brazil, Russia, India, China, and South Africa, have the economic strength and unity to weather these challenges. He urged his fellow leaders to remain calm and focused on finding solutions to the trade disputes.

While Trump’s tariff threats may have sparked fears of a trade war, Tharoor’s reassuring words suggest that the Brics nations are well-equipped to handle whatever comes their way. As the world watches and waits to see how this situation unfolds, it seems that Tharoor’s message of resilience and strength is a timely reminder for all.

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January 31, 2025
Trump Warns BRICS Against Dollar Move
New Delhi:

US President Donald Trump on Friday issued a warning to BRICS nations, threatening 100 per cent tariffs on their exports if they attempt to replace the US dollar as the dominant currency in international trade.

Trump has repeatedly expressed his stance against de-dollarisation, warning that BRICS countries must maintain the US dollar’s role in global trade or face economic consequences.

“The idea that the BRICS Countries are trying to move away from the Dollar, while we stand by and watch, is OVER,” Trump wrote. “We are going to 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 US Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful US Economy. They can go find another sucker Nation. There is no chance that BRICS will replace the US Dollar in International Trade, or anywhere else, and any Country that tries should say hello to Tariffs, and goodbye to America!”

His post is nearly identical to the one he made on November 30, weeks after winning the 2024 presidential election.

The BRICS group – Brazil, Russia, India, China, and South Africa – has been discussing ways to reduce reliance on the US dollar for years. The BRICS economic collaboration has only intensified since Western sanctions were imposed on Russia following its invasion of Ukraine. In recent years, BRICS has expanded to include Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates.

While BRICS+ does not have a common currency, its members have promoted trade in their local currencies. At the 15th BRICS Summit in 2023, Russian President Vladimir Putin explicitly called for de-dollarisation, stating that BRICS nations “must expand settlements in national currencies and enhance cooperation between banks.”

The push gained further momentum at the June 2024 BRICS foreign ministers’ meeting in Russia, where member states advocated for using local currencies in bilateral and multilateral trade.

Despite concerns over de-dollarisation, the US dollar remains the world’s dominant reserve currency. A study by the Atlantic Council’s GeoEconomics Center last year found that neither the euro nor BRICS+ nations had successfully reduced global reliance on the dollar.

Trump’s threats come as he seeks to maintain this dominance. His use of tariffs as leverage is not new. The 78-year-old’s threats against BRICS+ follow his recent push to impose tariffs on Mexico and Canada, the United States’ largest trading partners. Trump has argued that such tariffs are necessary to combat illegal immigration and drug trafficking, particularly fentanyl, into the US.

During his campaign, Trump called India a “very big abuser” of trade policies and has now extended similar rhetoric towards other BRICS+ members. He has argued that by increasing tariffs on other countries, he can lower taxes for American businesses and workers, bringing factories back to the US.

This approach, however, has been met with scepticism.

Economists warn that tariffs could drive up costs for American consumers and businesses, particularly in industries that rely on imported raw materials.

In a recent speech, former President Donald Trump issued a warning to BRICS nations – Brazil, Russia, India, China, and South Africa – against making any moves to weaken the dominance of the US dollar in global trade.

Trump emphasized the importance of the dollar as the world’s primary reserve currency, citing its stability and credibility as key factors in maintaining global economic security. He expressed concern that any attempts by BRICS nations to shift away from the dollar could have negative consequences for the global economy.

The former President urged BRICS leaders to reconsider any plans to reduce their reliance on the dollar, warning that such a move could lead to increased volatility and uncertainty in financial markets. He also stressed the need for continued cooperation and coordination among nations to ensure a stable and prosperous global economy.

It remains to be seen how BRICS nations will respond to Trump’s warning, but it is clear that the issue of the dollar’s dominance in global trade will continue to be a topic of debate and discussion in the coming years.

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January 31, 2025
BRICS expands to 54.6% of world population by adding Nigeria, Africa’s most populous country
BRICS continues to grow. On 17 January, it officially admitted Nigeria as a new partner country.

Nigeria has the world’s sixth-largest population, with the biggest population on the African continent.

In addition to being Africa’s second-largest economy, Nigeria is the number one oil producer on the continent.

With the addition of Nigeria, BRICS now has 10 full members and nine partners.

Together, the extended BRICS+ group represents 54.6% of the world population.

The 10 members are:
- Brazil
- Russia
- India
- China
- South Africa
- Egypt
- Ethiopia
- Indonesia
- Iran
- United Arab Emirates
The nine BRICS partners, which are on the path to full membership, include:
- Belarus
- Bolivia
- Cuba
- Kazakhstan
- Malaysia
- Nigeria
- Thailand
- Uganda
- Uzbekistan
Brazil, which is the chair of BRICS in 2025, announced Nigeria’s admission on 17 January. Brasilia emphasized that BRICS has two main goals: “strengthening South-South cooperation” and “reforming global governance”.

Indonesia, the world’s fourth-most populous country with the seventh-largest economy, was also accepted as a BRICS member in early January.

At the BRICS summit in Kazan, Russia in 2024, the organization adopted a comprehensive plan to transform the international monetary and financial system, by challenging the dominance of the US dollar and promoting trade and settlement in local currencies.

A map of BRICS membership, as of 19 January 2025, looks as follows:

BRICS+ is nearly 55% of the global population

Ten of the 20 most populous countries on Earth are part of BRICS, including seven of the 10 most populous nations.

Nigeria is expected to have the second-largest growth in population in the upcoming decade, after BRICS co-founder India.

Nigeria’s population is estimated to increase by 65 million from 2024 to 2037, and the country’s biggest city, Lagos, has been described as a candidate for “the world’s top megacity by the end of the century”.

The three most populous countries in Africa are now part of BRICS: Nigeria, in first, is a partner; while Ethiopia, in second, and Egypt, in third, became full members in 2024.

The extended BRICS+ family, with 19 members and partners, together comprise 54.6% of the global population.

This is according to IMF data from October 2024, which reported the total world population as 7.92 billion, and BRICS countries with a combined population of 4.32 billion. (Cuba is excluded from IMF data, so the actual figure is slightly higher.)

Africa will make up 38% of world population by 2100

Africa’s share of the global population is going to grow significantly in the 21st century. As Our World in Data reported:

In 2023, Africa is home to around 18% of the global population; by 2100 this is projected to rise to 38%. Asia will see a significant fall from almost 60% today to around 45% in 2100.

By the end of the century, more than 8 out of every 10 people in the world will live in Asia or Africa.

BRICS+ is 42.2% of global GDP (PPP)

Accompanying BRICS’ increasing population is its growing share of the global economy.

With Nigeria added, BRICS members and partners now make up 42.2% of world GDP, when measured at purchasing power parity (PPP), based on October 2024 IMF data.

Africa’s largest economies

Nigeria has the second-largest economy in Africa, after Egypt, which became a BRICS member in 2024.

The third-biggest economy on the continent is South Africa, which joined BRICS in 2010, just a year after it was initially founded as “BRIC”, by Brazil, Russia, India, and China.

Africa’s fourth-largest economy, Algeria, was invited to become a BRICS partner at the 2024 summit in Kazan, Russia.

The continent’s fifth-biggest economy, Ethiopia, also became a BRICS member in 2024.

Nigeria’s economy is larger than that of the Netherlands, when GDP is measured at purchasing power parity.

The economy of BRICS member Egypt is bigger than that of Australia.

BRICS is growing especially influential in global commodities markets.

Nigeria is the top oil producer on the African continent, and the 15th-biggest crude producer on Earth.

Five of the world’s top 10 oil-producing countries are members of BRICS. Together, they represent more than 30% of global oil production, and BRICS+ has significant overlap with OPEC+.

If BRICS can de-dollarize part of the global oil market, it can take a big step toward challenging the dominance of the US dollar.
The BRICS group, consisting of Brazil, Russia, India, China, and South Africa, has now expanded to include Nigeria, Africa’s most populous country. With this addition, the BRICS nations now represent a staggering 54.6% of the world’s population.

Nigeria’s inclusion in the BRICS group is a significant milestone, as it further strengthens the economic and political influence of the emerging markets. With a population of over 200 million people, Nigeria brings a wealth of resources and expertise to the table.

The expansion of the BRICS group to include Nigeria highlights the growing importance of African nations in the global economy. As one of the fastest-growing regions in the world, Africa is becoming an increasingly important player on the world stage.

With Nigeria now part of the BRICS group, we can expect to see increased collaboration and cooperation among these powerhouse nations. This expansion opens up new opportunities for trade, investment, and development, benefiting not only the BRICS countries but the global community as a whole.

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BRICS expansion, Nigeria addition, world population growth, Africa’s population increase, BRICS member countries, global population trends.

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January 21, 2025
Nigeria admitted as a partner country of the BRICS bloc
ABUJA, Nigeria — Nigeria has been admitted as a “partner country” of the BRICS bloc of developing economies, according to Brazil, the group’s chair.

BRICS was formed by Brazil, Russia, India and China in 2009, with South Africa added in 2010, as a counterweight to the Group of Seven leading industrialized nations.

Last year, the bloc added Iran, Egypt, Ethiopia and the United Arab Emirates. Saudi Arabia has been invited to join. Turkey, Azerbaijan and Malaysia have formally applied to become members, and a few others have expressed interest.

Nigeria becomes the ninth BRICS partner country, joining Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.

“With the world’s sixth-largest population — and Africa’s largest — as well as being one of the continent’s major economies, Nigeria shares convergent interests with other members of BRICS,” Brazil’s government said in a statement Friday.

“It plays an active role in strengthening South-South cooperation and in reforming global governance — issues that are top priorities during Brazil’s current presidency.”

President-elect Donald Trump last year threatened 100% tariffs against BRICS if they act to undermine the U.S. dollar. The bloc’s leaders have voiced their commitment to introduce an alternative payment system that would not be dependent on the dollar.

Exciting News: Nigeria Admitted as a Partner Country of the BRICS Bloc!

In a historic move, Nigeria has been officially admitted as a partner country of the BRICS bloc, joining Brazil, Russia, India, China, and South Africa in this prestigious group. This decision comes after years of collaboration and cooperation between Nigeria and the BRICS member countries, showcasing the growing influence and importance of Nigeria on the global stage.

As the largest economy in Africa and a key player in the region, Nigeria’s inclusion in the BRICS bloc is a significant milestone that will bring numerous benefits to both parties. This partnership will open up new opportunities for trade, investment, and cooperation in various sectors, further boosting economic growth and development in Nigeria and the BRICS countries.

With its vast natural resources, young and dynamic population, and strategic geographical location, Nigeria is poised to make a significant contribution to the BRICS bloc and play a key role in shaping the future of the global economy. This partnership will also strengthen ties between Nigeria and other emerging economies, creating a powerful alliance that can drive positive change and progress on the world stage.

We congratulate Nigeria on this momentous achievement and look forward to seeing the positive impact of this partnership on the country’s economy and its people. Nigeria’s admission to the BRICS bloc is a testament to its growing influence and potential, and we are excited to see the great things that will come from this collaboration in the years to come.

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January 21, 2025