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Trump on Thursday warned off BRICS member countries from replacing the U.S. dollar as a reserve currency by repeating a threat of 100% tariffs he had made weeks after winning the November ...
U.S. President-elect Donald Trump on Saturday demanded that BRICS member countries commit to not creating a new currency or supporting another currency that would replace the United States dollar ...
The leader of one member country, Brazil’s Luiz Inácio Lula da Silva, in 2023 proposed creating a common currency in South America to reduce reliance on the US dollar. Using BRICS currencies ...
In November 2024 in a post on Truth Social, United States president-elect Donald Trump threatened a 100% United States tariff on countries that pursued a BRICS currency or moved to favor another currency instead of the U.S. dollar. [215] [216] As US President he announced the same on his first day in office during his second term.
The legal basis is formed by the Treaty for the Establishment of a BRICS Contingent Reserve Arrangement, signed in Fortaleza, Brazil, on 15 July 2014. It entered into force upon ratification by all BRICS states, announced at the 7th BRICS summit in July 2015. The objective of this reserve is to provide protection against global liquidity pressures.
The member states view BRICS Pay to promote trade among its members, financial inclusion, and as a direction to reduce their reliance on the US dollar. [9] Russia has been the strongest proponent of BRICS Pay, to bypass the SWIFT network and the US dollar transactions it was sanctioned from following its invasion of Ukraine.
800-290-4726 more ways to reach us. Sign in. ... they will neither create a new BRICS currency, nor back any other currency to replace the mighty U.S. dollar or, they will face 100% Tariffs, and ...
This was intended to strengthen financial cooperation between the BRICS countries, as well as to expand the international significance of their national currencies. [9] Libyan civil war. The leaders of BRICS states expressed misgivings about NATO air strikes during the 2011 Libyan civil war and urged an end to the two-month conflict in Libya. [10]