Trump vs BRICS: Will Crypto Get Caught in the Crossfire?


Key Takeaways

  • President Trump has warned that countries supporting BRICS and its “anti-American policies” could face an additional 10% tariff on exports to the U.S.
  • The BRICS bloc is actively developing alternatives to the U.S. dollar, including central bank digital currencies (CBDCs) and BRICS Pay.
  • Trump’s support for crypto on U.S. soil may contrast with his threats against BRICS’s digital finance agenda abroad.

United States President Donald Trump issued a sharp warning to countries aligning with BRICS on Sunday, threatening a 10% tariff on exports from nations that support the bloc’s “anti-American policies.”

The move marks an escalation in the ongoing economic tensions between the U.S. and the BRICS nations — Brazil, Russia, India, China, and South Africa — which have been increasingly pushing for de-dollarization and greater independence from Western financial systems.

As BRICS explores alternatives to the U.S. dollar, including the development of central bank digital currencies (CBDCs) and the expanded use of cryptocurrencies in cross-border trade, Trump’s remarks raise new questions about whether digital assets could become collateral damage in a broader economic standoff.

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Trump’s Warning

In a post on Truth Social on Sunday, July 6, Trump claimed he would impose an additional 10% tariff on any country “aligning themselves with the anti-American policies of BRICS.”

The comments come as countries prepare for the end of the 90-day pause to Trump’s previous sweeping levies on July 9.

Trump’s highest tariffs were temporarily suspended to allow time for negotiations, but several U.S. allies remain uncertain about whether they will face renewed trade penalties.

The President said he would begin sending letters with new tariff rates to countries that have not reached a deal.

“I think we’ll have most countries done by July 9, either a letter or a deal,” Trump told reporters on Sunday.

In response, China’s foreign ministry defended the BRICS bloc, stating it stood for “co-operation among emerging markets and developing countries.”

“There are no winners in a trade war or a tariff war, and protectionism has no future,” the ministry said.

BRICS Moves to Crypto

The BRICS bloc has been steadily intensifying efforts to reduce its dependence on the U.S. dollar in global trade.

One key strategy gaining traction within the group is the adoption of digital assets, including central bank digital currencies (CBDCs), blockchain-based payment systems, and, in some cases, crypto.

Russia and China, both under varying degrees of Western sanctions, have accelerated their digital currency initiatives to facilitate trade outside U.S.-controlled financial channels.

In October 2024, the group unveiled BRICS Pay, marking the launch of its own independent cross-border payment system.

BRICS Pay is designed to bypass traditional Western-dominated systems such as SWIFT, offering a digital alternative that facilitates faster and more politically autonomous transactions among member states.

By relying on blockchain-based infrastructure and integrating national digital currencies where possible, the system represents a major step toward reducing U.S. oversight of international financial flows.

For BRICS nations — particularly those like Russia and China that face U.S. sanctions — the ability to settle trade without relying on dollar-based systems is a strategic priority.

If successful, BRICS Pay could lay the groundwork for a broader financial ecosystem that challenges the dollar’s dominance in global trade.

Trump’s Pushback

Trump’s recent warning against countries aligning with “anti-American” BRICS policies raises questions about the implications for digital finance initiatives.

While he did not specifically reference cryptocurrency or digital assets, the BRICS financial agenda is closely tied to its broader goal of bypassing the dollar — the very core of what Trump appears to be targeting.

If implemented, such tariffs could put pressure on countries exploring or expanding digital trade routes that exclude the dollar.

This creates an apparent contradiction: Trump has presented himself as a staunch supporter of cryptocurrency within the U.S., even accepting crypto donations in his campaign, yet his aggressive posture toward BRICS-aligned financial systems could complicate the global outlook.

If a future Trump administration promotes crypto adoption at home while simultaneously penalizing international crypto infrastructure tied to BRICS, it could stifle innovation and fragment the growth of the global digital economy.

“Full control over financial resources is necessary for countries to achieve true sovereignty,” the BRICS group said in October.

“This pursuit is a shared goal among nations striving for independent policies and the well-being of their citizens,” it added.

As BRICS and the U.S. continue to butt heads, the near growth of crypto may hinge on the play out of Trump’s geopolitics.

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