Experts are raising alarms that Donald Trump’s threat to impose 100% tariffs on BRICS nations could unintentionally speed up the move away from the U.S. dollar in international trade.
The BRICS alliance, comprising China, Brazil, Russia, India, and other emerging economies, has been actively exploring alternatives to the U.S. dollar for global transactions. By enforcing the use of the U.S. currency, Trump’s proposed tariffs might reinforce these nations' efforts to diversify their financial systems.
Toni Waterman explains that while the aim is to maintain the dominance of the U.S. dollar, the heavy-handed approach could push BRICS countries further towards establishing their own mechanisms, potentially weakening the dollar’s position in the long run.
Reference(s):
cgtn.com
