Search results
Results from the WOW.Com Content Network
Last year, he threatened countries with a 100% tariff if they backed “any other currency to replace the mighty U.S. dollar.” He repeated that threat again in January, soon after taking office.
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 ...
A BRICS currency replacing the dollar is a ‘ridiculous’ idea, says the top economist who named the group—unless China and India become allies. Will Daniel. August 15, 2023 at 2:33 PM.
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 and again in January 2025, Trump warned BRICS countries that they would face 100% tariffs if they attempted to replace the U.S. dollar as a reserve currency. [ 60 ] Impact assessments
Dedollarisation refers to countries reducing reliance on the U.S. dollar as a reserve currency, medium of exchange or as a unit of account. [1] It also entails the creation of an alternative global financial and technological system in order to gain more economic independence by circumventing the dependence on the Western World-controlled systems, such as SWIFT financial transfers network for ...
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.
Brics alliance consists of Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates. ... nor back any other currency to replace the mighty US dollar or, ...