BRICS Focuses on Investment Platforms Amid Trump’s Tariff Threats, Says Kremlin

 

Moscow, Russia – The Kremlin has dismissed former U.S. President Donald Trump’s recent threats to impose tariffs on countries working to develop an alternative to the U.S. dollar, emphasizing that BRICS is primarily focused on investment platforms rather than challenging the global financial system.

Kremlin spokesperson Dmitry Peskov addressed the matter in response to Trump’s remarks, which targeted nations attempting to reduce reliance on the dollar in international trade. Peskov clarified that the BRICS bloc—comprising Brazil, Russia, India, China, South Africa, and new members like Saudi Arabia and the UAE—is prioritizing economic cooperation and investment mechanisms rather than pursuing a direct challenge to the U.S. currency.

“The bloc is rather working on new investment platforms,” Peskov stated, downplaying concerns that BRICS seeks to replace the dollar as the dominant global reserve currency. He further suggested that experts might need to explain the BRICS agenda more clearly to Trump, implying that his comments reflect a misunderstanding of the organization’s objectives.

Trump, a leading Republican candidate in the 2024 U.S. presidential election, has repeatedly warned against de-dollarization efforts, arguing that such moves could harm American economic interests. His latest remarks indicate that, if re-elected, he could impose tariffs or other economic measures against countries participating in alternative financial initiatives.

BRICS has been actively exploring ways to enhance trade among member states using local currencies, partly as a response to Western sanctions against Russia and growing geopolitical shifts in global trade dynamics. However, Peskov’s remarks suggest that the Kremlin wants to frame BRICS’ financial initiatives as a natural progression in international economic cooperation rather than a direct confrontation with the U.S. financial system.

As BRICS continues to expand its influence, discussions around alternative financial systems and investment strategies remain a focal point. The bloc’s efforts to strengthen economic ties among its members are expected to be a key agenda item at upcoming BRICS summits.