BRICS vs the Dollar? The Alliance Trump Fears but Has Yet to Agree On

Source: Pagenews.gr | Original Published At: 2026-09-12 15:14:44 UTC

Key Points

• BRICS leaders meet in New Delhi, representing nearly half the world's population and about 40% of global GDP in purchasing power parity terms.
• China, Russia, and Brazil favor reducing dependence on the U.S. dollar, while India is cautious about making de-dollarization an official agenda item.
• The United States, especially under Donald Trump, views BRICS as a potential challenge to dollar dominance and has threatened tariffs against countries moving toward de-dollarization.
• A more practical BRICS development is the interconnection of national instant payment systems, including India's UPI and Brazil's Pix, which together have processed more than USD 10 trillion in 18 months.
• De-dollarization faces major obstacles because no BRICS currency currently offers the depth, liquidity, trust, and global acceptability needed to replace the dollar.
• Russia has already shifted significantly toward BRICS partners, with more than half of its foreign trade now conducted with key BRICS economies.
• BRICS is not a unified alternative to the G7, but it provides a forum for Global South cooperation and may gradually reduce the world's absolute dependence on the dollar.