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Donald Trump Warns BRICS Over De-Dollarization and Crypto Plans
US President-elect Donald Trump has issued a stern warning to the BRICS alliance, urging its member nations to abandon any plans to develop a new currency that could challenge the US dollar's dominance in global trade. Known for his "America First" stance, Trump declared that such actions would face severe repercussions, including 100% tariffs on goods from BRICS nations and restricted access to the lucrative US market.
Trump Pushes Back Against BRICS’ Currency Ambitions
In a statement shared on November 30 via his Truth Social platform, Trump demanded a clear commitment from BRICS members—Brazil, Russia, India, China, and South Africa—to refrain from supporting or creating any rival currency. He emphasized that the United States would not stand idly by as efforts to undermine the dollar’s role as the global reserve currency unfold.
"The notion that BRICS nations are plotting to sideline the US dollar while we do nothing is ABSURD. We demand these countries pledge not to pursue a BRICS currency or support any alternative to the mighty US dollar. If they refuse, they should prepare for 100% tariffs and the loss of access to our exceptional US economy," Trump stated.
This tough rhetoric aligns with Trump’s campaign pledge to safeguard the dollar’s supremacy on the international stage. Reports suggest that his team is already crafting punitive measures against countries advancing de-dollarization initiatives.
The Growing Momentum of De-Dollarization in BRICS
BRICS has been actively exploring alternatives to the US dollar since 2023, gaining traction during a pivotal summit where discussions revolved around using the Chinese yuan and blockchain-based stablecoins for international trade. Such technologies, analysts suggest, could bypass US sanctions and present a new model for global financial transactions.
In a significant move, the BRICS bloc expanded its membership in 2023 for the first time in over a decade, welcoming Iran, Saudi Arabia, the UAE, Ethiopia, and Egypt. With 34 additional nations expressing interest in joining, the bloc aims to bolster its influence in the global economy. By promoting local currencies and alternative banking systems, BRICS nations hope to reduce reliance on the US dollar while sidestepping Western economic pressures.
Rising Tensions in Global Trade
Market experts argue that these de-dollarization efforts could redefine the landscape of international trade, challenging the traditional dominance of Western-led financial systems. However, Trump’s resolute position signals a looming confrontation between the United States and the expanding BRICS coalition.
As the global economic order evolves, the stakes have never been higher. Whether BRICS can successfully implement its ambitious plans or face the full force of US resistance under Trump’s leadership remains to be seen. What is clear, however, is that the debate over the future of global reserve currencies is only just beginning.