The BRICS alliance is promising that it will not stop its mission for de-dollarization, and will continue pushing to end US dollar dominance. BRICS member Brazil’s President Lula da Silva says BRICS is committed to ending US Dollar dominance. The president says they will continue to “seek alternative platforms” for payments between the bloc members.
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
In January, US President Donald Trump warned BRICS nations of 100% tariffs if they attempt to replace the US dollar. “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 last month. While bloc member Russia has seemingly backed off the de-dollarization mission, other BRICS members look to be pushing on. Most notably, Brazil is insistent that the tariff threat won’t stop BRICS.
Brazil Wants to Continue BRICS’ De-Dollarization Initiative
The Brazil President was recently heard saying, “US President Donald Trump’s threats of tariffs won’t stop the group’s determination to seek alternative platforms for payments between member countries.” While Brazil is reportedly thinking of ditching the BRICS currency project, the nation is still pursuing US dollar alternatives.
Also Read: BRICS: Goldman Sachs Predicts US Dollar Will Experience a Boom
BRICS has been discussing ways to reduce reliance on the US dollar for several years. The BRICS economic collaboration has only intensified since Western sanctions were imposed on Russia. While BRICS does not have a common currency just yet, its members have promoted trade in their local currencies.
Two out of the nine BRICS countries have rejected the idea of the formation of a new currency. Only Russia, China, and Iran were aggressively advancing the de-dollarization agenda to uplift their respective economies. However, Russia and Iran are reeling under pressure due to sanctions and are desperate to trade in local currencies. Thus, the former has reportedly chosen to side with the Trump-led United States. Brazil and China, meanwhile, are still all in on leading BRICS in the battle against the greenback.