The BRICS bloc is showing unprecedented diplomatic momentum as US President Donald Trump escalates his tariff offensive and pivots toward cryptocurrency dominance. Leaders of Russia and Brazil — Vladimir Putin and Lula da Silva — have both spoken with Indian Prime Minister Narendra Modi in recent days, as the Indian leader prepares for his first visit to China in seven years for the Shanghai Cooperation Organisation (SCO) summit.
The renewed flurry of BRICS engagement follows Trump’s steep tariff hikes on India, Russia, China, and Brazil — doubling duties on Indian and Brazilian goods to 50% — alongside his verbal attacks branding the bloc “anti-American” and accusing New Delhi of profiteering from Russian oil resales. India has called the tariffs “unjustified,” while Brazil’s Lula flatly rejected Trump’s offer of bilateral trade talks, vowing instead to use Brazil’s BRICS presidency to rally collective pushback.
The original BRICS members — now joined by five new nations — are increasingly coordinating their responses to US trade pressure. Modi’s conversations with Putin and Lula have underscored deepening ties, with Moscow reaffirming its “time-tested” partnership with New Delhi and reports suggesting Putin will visit India later this year. Lula’s hour-long call with Modi focused on boosting bilateral trade to $20 billion by 2030, and strengthening cooperation in defence, energy, and technology.
In parallel, China’s state media has notably softened its tone toward India ahead of Modi’s August visit for the SCO summit in Tianjin, signalling a possible thaw in relations despite lingering border tensions.
Amid speculation over a potential BRICS currency — which India has denied pursuing — Trump has staged a dramatic reversal on cryptocurrency. Once dismissive of Bitcoin, he is now aggressively positioning the US as the “crypto capital of the world.” His administration has launched a Strategic Bitcoin Reserve, allowed digital assets in 401(k) plans, and appointed high-profile crypto advocates to key regulatory roles.
Analysts see this pivot as a hedge against a BRICS-led challenge to the US dollar, with Trump aiming to cement US dominance in the digital finance era. His family’s crypto venture, World Liberty Financial, has even engaged in discussions abroad, including with Pakistan.
Representing 46% of the world’s population and 35.6% of global GDP, BRICS is signalling readiness to confront Washington’s trade and currency supremacy. With tariffs biting and diplomatic coordination intensifying, the bloc appears poised for what observers are calling a “BRICS blowback” against Trump.
As Modi, Lula, Putin, and Xi Jinping align on economic and strategic fronts, the Global South is increasingly framing its agenda around collective resistance to unilateral US trade pressure — accelerating the shift toward a more multipolar world order.
