The ongoing conflict between BRICS nations and elected President Donald Trump over the dominance of the US dollar in global trade is increasingly tense as both sides prepare for potential economic impacts.
BRICS nations are actively taking steps to reduce dependence on the dollar. In response, Trump has issued a strong warning, threatening a 100% tax on goods from these countries if they proceed with alternative financial systems.
Russia Defends BRICS Strategy
Russian Deputy Foreign Minister Sergey Ryabkov addressed Trump's threats, asserting that BRICS is not trying to directly challenge the US dollar but is instead responding to US economic policies.
In an interview with Tass, Ryabkov explained that the actions of this bloc are the result of decisions made in Washington, destabilizing the global financial system.
Ryabkov agrees with Russian President Vladimir Putin's stance, accusing the United States of undermining global economic stability through harmful policies.
Trump Issues Tough Ultimatum
Tensions escalated earlier this month when Trump made a firm statement about the global role of the dollar. He called on BRICS nations to cease efforts to adopt alternative currencies or create a new financial system.
Trump warns that any country supporting such initiatives will face a 100% export tax to the United States, effectively cutting them off from the U.S. market.
Economic Consequences of Trump's Threat
The measures proposed by Trump have raised concerns in the economic community. Experts warn that such policies could disrupt global trade, increase costs for American consumers, and contribute to inflation.
Countries like Malaysia have expressed concerns that the tax could impact markets, prompting BRICS nations to accelerate the development of alternative financial systems. If successful, this could reduce the dominance of the US dollar in the international market.
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