Focus on the BIG picture.
Sunday, Mar 02, 2025
Outside the box.
0:00
0:00
BRICS+ Nations Advance De-Dollarisation Efforts Amidst Trump’s Tariff Threats
Despite warnings from former President Trump, BRICS+ leaders reaffirm commitment to reduce reliance on the US dollar.
The BRICS+ alliance, which includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates (UAE), and Indonesia, continues its pursuit of alternatives to the US dollar for international trade, undeterred by former President Donald Trump's threats of steep tariffs.
Trump has publicly declared intentions to impose tariffs of 100% to 150% on BRICS+ nations if they engage in what he terms as 'de-dollarisation'.
On multiple occasions, Trump has suggested that such steps are a direct attack on the US dollar’s dominance in global markets, claiming that the BRICS nations are attempting to undermine the currency.
However, Brazilian President Lula da Silva has firmly stated that the alliance is resolved to diminish US dollar dominance, asserting that Trump's tariff threats will not deter their commitment to explore alternative financial systems.
Brazil currently holds the presidency of BRICS and has communicated that the upcoming summit will seek to further establish the group’s vision of a multi-polar world.
Da Silva emphasized, "BRICS+ is committed to ending US dollar dominance no matter what," indicating a strong collective resolve among member states.
This assertive stance aligns with previous declarations from Russian President Vladimir Putin, who warned that US attempts to enforce dollar usage in trade would ultimately backfire.
Recently, Trump characterized the BRICS grouping as having 'broken up' due to his tariff threats, claiming that his administration had successfully deterred BRICS nations from discussing the potential creation of an alternative currency.
In his remarks, he dismissed any recent communication from BRICS states as evidence of their fears of punitive tariffs.
Trump described the formation of the BRICS bloc as being aimed at challenging the US dollar, dismissing its viability by stating, "BRICS is now dead."
As for the prospect of a shared currency among BRICS+ nations, no official agreement has been reached.
Yet, discussions on the topic are reportedly ongoing.
At the 2023 BRICS summit in Russia, Putin emphasized the significance of de-dollarisation and stressed the need for increased cooperation in trade among member states using local currencies.
Since the imposition of sanctions on Russia by Western nations following its actions in Ukraine, the collaboration and economic discussions within the BRICS+ framework appear to have intensified.
Member countries are opting to conduct trade in local currencies, signaling a gradual shift away from the dollar's preeminence.
Despite pressures, the US dollar continues as the dominant currency for international trade and global reserves.
However, the evolving dynamics within BRICS+ illustrate a growing interest among member nations to enhance their economic sovereignty and reduce reliance on the US dollar.
Trump has publicly declared intentions to impose tariffs of 100% to 150% on BRICS+ nations if they engage in what he terms as 'de-dollarisation'.
On multiple occasions, Trump has suggested that such steps are a direct attack on the US dollar’s dominance in global markets, claiming that the BRICS nations are attempting to undermine the currency.
However, Brazilian President Lula da Silva has firmly stated that the alliance is resolved to diminish US dollar dominance, asserting that Trump's tariff threats will not deter their commitment to explore alternative financial systems.
Brazil currently holds the presidency of BRICS and has communicated that the upcoming summit will seek to further establish the group’s vision of a multi-polar world.
Da Silva emphasized, "BRICS+ is committed to ending US dollar dominance no matter what," indicating a strong collective resolve among member states.
This assertive stance aligns with previous declarations from Russian President Vladimir Putin, who warned that US attempts to enforce dollar usage in trade would ultimately backfire.
Recently, Trump characterized the BRICS grouping as having 'broken up' due to his tariff threats, claiming that his administration had successfully deterred BRICS nations from discussing the potential creation of an alternative currency.
In his remarks, he dismissed any recent communication from BRICS states as evidence of their fears of punitive tariffs.
Trump described the formation of the BRICS bloc as being aimed at challenging the US dollar, dismissing its viability by stating, "BRICS is now dead."
As for the prospect of a shared currency among BRICS+ nations, no official agreement has been reached.
Yet, discussions on the topic are reportedly ongoing.
At the 2023 BRICS summit in Russia, Putin emphasized the significance of de-dollarisation and stressed the need for increased cooperation in trade among member states using local currencies.
Since the imposition of sanctions on Russia by Western nations following its actions in Ukraine, the collaboration and economic discussions within the BRICS+ framework appear to have intensified.
Member countries are opting to conduct trade in local currencies, signaling a gradual shift away from the dollar's preeminence.
Despite pressures, the US dollar continues as the dominant currency for international trade and global reserves.
However, the evolving dynamics within BRICS+ illustrate a growing interest among member nations to enhance their economic sovereignty and reduce reliance on the US dollar.
