Brazilian President Luiz Inácio Lula da Silva closed the 7 July BRICS summit in Rio de Janeiro with a call for the world to “find a way for transactions not to depend on the US dollar,” describing the shift to alternative settlement mechanisms as “a path with no return.” The remarks reinforce discussions within the bloc about greater use of local currencies and the eventual creation of a common payments system. Former Brazilian president and current Novo Banco de Desenvolvimento chair Dilma Rousseff said roughly one-quarter of the bank’s lending is already denominated in members’ currencies, arguing that this reduces borrowing costs and shields emerging economies from exchange-rate volatility. The initiative drew an immediate backlash from Washington. On 10 July, US President Donald Trump accused BRICS of trying to “destroy the dollar,” warned that losing the greenback’s reserve-currency status would be akin to “losing a world war,” and announced a 50 % tariff on Brazilian imports. He has signalled that similar measures could be extended to other members of the bloc. Moscow dismissed the pressure, with Deputy Foreign Minister Sergey Ryabkov saying Russia aims to expand BRICS by bringing in additional partner countries. The five-member group already accounts for about 40 % of global output, according to IMF data.