Summary
Trump has threatened 100% tariffs on BRICS nations (Brazil, Russia, India, China, South Africa, and others) if they pursue de-dollarization efforts, including creating a new currency to challenge the U.S. dollar’s dominance in global trade.
Trump warned these nations could lose access to the U.S. economy.
BRICS members, frustrated by U.S. financial dominance, have explored alternatives, with Russia advocating for a new payment system to bypass sanctions.
Analysts say the dollar’s global reserve status remains secure in the near term despite these challenges.
What would they move to? Fuckin bitcoin lol.
Euro, Rupees, Coffee-Dollar. So many possibilities and since the US Dollar isnt tied to Gold anymore any other currency is as valid for global trade. Heck let’s call it credits.
I would’ve thought the Euro?
Gold, as is tradition of countries we invade.
Oil … No more invasion just give own oil to US in return of any goods from them.
If the world traded oil rather than burned it, we would be in a much better position.
Euro.
RMB probably. Russia can’t convince people to take the ruble.
The RMB has problems with how it is regulated to be a viable reserve and trade currency for most countries.
Currently the big contenders are the EUR, the GBP and the JPY if I recall it correctly.
https://investingnews.com/brics-currency/
They’re VERY big on breaking the West’s hegemony…
Due to their grass-roots pragmatism ( China’s “Belt & Road” initiative, being an example of how to surrepticiously-own countries )
they may well succeed, sufficiently…
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https://www.visualcapitalist.com/ranked-the-worlds-top-reserve-currencies-in-2024/
It’s not just “the dollar”, right now the ranking of reserve currencies is:
I’ll check back again when the RMB reaches like 10%.
Also, your article is not talking about the RMB as a world reserve, it says BRICS is aiming to create a new currency backed by gold, so essentially a return to the gold standard. One could argue for or against that, maybe it’s better than the dollar if you ask me, but IDK. But adopting that as a national currency would break Chinese manufacturing, as they rely on being able to devalue the RMB to keep doing what they are doing.
Point is, fuck the USD, but it’s not so simple that we can switch to the RMB and be done with it.
Caps