Major emerging economies are meeting in India this weekend as Trump administration policies drive countries to explore alternatives to America’s long-standing role at the center of global trade and finance.
The BRICS summit in New Delhi brings together leaders from Brazil, Russia, India, China and South Africa, plus newer members including Iran. Chinese President Xi Jinping, Russian President Vladimir Putin and Iranian President Masoud Pezeshkian will join Indian Prime Minister Narendra Modi as the group looks to expand cooperation on trade, energy and payment systems that bypass the dollar.
Trade Wars Accelerate Search for Alternatives
While these countries have been talking for years, Trump’s tariff policies and confrontational approach to both allies and adversaries have given the discussions new urgency. Washington remains locked in trade disputes with China, continues pushing Russia toward a Ukraine settlement, and finds itself at war with Iran alongside Israel.
The summit puts a spotlight on whether American policies are pushing these nations closer together, even as deep internal divisions limit how far that cooperation can realistically go. India and China, for instance, only recently began thawing relations after years of border tensions.
What It Means for American Influence
For decades, the United States anchored the global financial system. Countries held reserves in dollars, conducted major transactions in dollars, and looked to American-led institutions for economic coordination. That dominance translated into real power—the ability to enforce sanctions, set terms for international trade, and shape economic policy worldwide.
The BRICS gathering represents an explicit challenge to that arrangement. These countries want more influence in a system they see as tilted toward Western interests. Whether they can actually build viable alternatives remains an open question. Past BRICS initiatives have often stalled due to conflicting national interests and economic incompatibility.
But the fact that Putin, Xi and the Iranian president are meeting together in India signals something shifting. Trump’s America-first approach may be forcing other powers to take their hedging strategies more seriously, even if a true rival to the dollar-based system remains distant.
Key Points
- BRICS leaders meet in New Delhi with China, Russia and Iran pushing alternatives to U.S.-led financial system
- Trump’s tariff wars and confrontational policies giving new urgency to talks that have been happening for years
- Deep divisions among BRICS members still limit how far cooperation can go, but hedging strategies becoming more serious
https://www.cnbc.com/2026/09/12/brics-summit-xi-putin-modi-trump.html – September 12, 2026
