The standoff over the global role of the U.S. dollar has intensified, with BRICS nations readying to counter President-elect Donald Trump’s recent threat. Russian Deputy Foreign Minister Sergey Ryabkov clarified in an interview with Tass on Monday that the bloc does not intend to challenge the dollar’s position directly but is responding to what he described as flawed U.S. economic policies. Ryabkov said:

We are ready to explain to Trump, or anyone else, that we are not encroaching on the dollar. We are drawing conclusions from the irresponsible and fundamentally flawed policy that Washington has pursued.

His comments came amid heightened concerns over BRICS’ moves to reduce dependency on the U.S. currency.

Ryabkov noted that the dollar’s dominance has been undermined not by BRICS, but by the very policies of Washington. Quoting Russian President Vladimir Putin, he said, “They are biting the hand that feeds them,” a reference to U.S. strategies that, according to Ryabkov, harm global financial stability.

Experts have warned that Trump’s proposal to impose 100% tariffs on BRICS nations if they pursue alternatives to the U.S. dollar could have significant global economic repercussions. Such sweeping tariffs may disrupt international trade, leading to increased costs for American consumers and businesses due to higher import prices. This could exacerbate inflationary pressures, potentially prompting the Federal Reserve to adjust its monetary policy, including slowing the pace of interest rate cuts. Additionally, countries like Malaysia, integral to the global semiconductor supply chain, express concerns that these tariffs could cause disruptions, affecting industries reliant on these components. Furthermore, such aggressive trade policies might accelerate efforts by these nations to develop alternative financial systems, thereby diminishing the long-standing dominance of the U.S. dollar in global markets.

Ryabkov criticized the repeated use of economic threats by the U.S. regardless of political leadership. “By and large, they have forgotten how to negotiate,” he stated, suggesting that BRICS’ alternative economic measures are driven by necessity rather than hostility.

The tension escalated after Trump threatened to impose 100% tariffs on goods from BRICS nations if they introduce a new currency or reject the dollar. Ryabkov dismissed such warnings as indicative of a broader diplomatic failure. He stressed:

In the absence of exits from the deadlocks that the U.S. creates for itself and others, we have to create such exits ourselves.

While BRICS remains open to dialogue, Ryabkov’s remarks underscore a commitment to pursuing policies that address long-standing frustrations with U.S. financial practices, potentially setting the stage for economic confrontation.

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