A BRICS threat for dollar

The “King Dollar” is feeling threatened—not by a rival superpower, but by a non-currency from BRICS. In response, President Donald Trump has proposed a 10% additional tariff on imports from the bloc.

- Shivaji Sarkar

The threat may seem minor, but Trump’s reaction tells a different story. Much like the mythical tale of a dwarf almost defeating Arjun, the Mahabharata’s warrior-hero, BRICS—despite lacking a common currency—has rattled Washington. Why else would Trump warn that losing the US dollar as the global standard would be akin to losing a “major world war”?

This is not just bluster. It signals a grave threat in the making. Trump's brand of America First nationalism is again squaring off against an emboldened, expanded BRICS. This isn’t an ideological standoff of capitalism versus socialism; it’s a structural battle—unilateralism versus multipolarity, petrodollar dominance versus de-dollarisation, US-led hegemony versus Global South resurgence.

At the heart of this confrontation lies an entire worldview. BRICS—now expanded to include Iran, Egypt, Saudi Arabia, Ethiopia, and the UAE—represents over 40% of the world’s population and more than 30% of GDP (PPP). Over the past decade, BRICS has swelled from five to ten members, with Indonesia joining this year. Saudi Arabia is listed as a member but has yet to formally confirm its status. Additionally, nine partner countries and dozens more are queuing up to join.