It's 2025, and the global stage looks vastly different from a decade ago. Yet some still cling to outdated tactics, believing that threats of tariffs and sanctions can sway the world.
On his first day in office, recently sworn-in U.S. President Donald Trump threatened to impose a 100 percent tariff on BRICS nations if they continue their de-dollarization efforts. \"As a BRICS nation… they'll have a 100 percent tariff if they so much as even think about doing what they thought, and therefore they'll give it up immediately,\" he declared.
However, the Chinese Ministry of Foreign Affairs responded swiftly at a regular press conference, emphasizing that BRICS is not about confrontation but about fostering cooperation and shared prosperity. The reality is that the world is no longer buying into one-currency dominance or sanction-fueled pressure.
Consider Russia's experience. When faced with an avalanche of sanctions from the West in 2014 and 2022, many predicted an economic collapse. Instead, Russia built its own financial lifeboats. Its System for Transfer of Financial Messages (SPFS) emerged as a homegrown alternative to SWIFT, and the Mir payment card, initiated in 2017, stepped in for Visa and Mastercard. These moves insulated the Russian economy and laid the groundwork for deeper financial ties with non-Western allies like Türkiye, Kazakhstan, and nations in the Middle East, reducing dependence on Western-dominated systems.
The U.S. also restricted Türkiye's access to U.S. technology and equipment, from F-35 jets to armed unmanned aerial vehicles. In response, Türkiye began producing some of this equipment with its own resources and has even started exporting to Middle Eastern and African nations.
Russia and Türkiye's resilience is just the tip of the iceberg. More nations are seeking a more equitable world order. The G20 Summit in Brazil last year hosted a historic moment with the African Union attending as a full member of the bloc for the first time. Today, the G20 is not just a club of economically powerful countries but represents a new vision.
BRICS nations have also been rewriting the rules of global trade. They've turned to their own currencies for commerce, reducing dependence on the U.S. dollar. Brazil and China now trade in their national currencies, a move mirrored by India and its regional partners. The BRICS New Development Bank has ramped up efforts to finance projects in local currencies, offering a fresh approach to international funding without relying on Western institutions. Additionally, efforts are underway to create BRICS's own blockchain-based payment system.
This shift isn't about making a political statement—it's about pragmatism. The world has watched the dollar-dominated system stumble repeatedly, with each crisis rippling across continents. From the 2008 financial meltdown to the pandemic-induced global recession, over-reliance on the dollar has proven to be a risky bet.
As nations harness their own financial tools and collaborate on equal footing, threats, sanctions, and one-currency dominance are becoming relics of the past. The global community is moving toward a more balanced and inclusive economic order, one that values cooperation over coercion.
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Why threats, sanctions and one-currency dominance are past their prime
cgtn.com
